• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 29 mins Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 31 mins Nuclear Pact/Cold War: Moscow Wants U.S. To Explain Planned Exit From Arms Treaty
  • 35 mins Why I Think Natural Gas is the Logical Future of Energy
  • 49 mins Merkel Aims To Ward Off Diesel Car Ban In Germany
  • 3 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 11 hours Get on Those Bicycles to Save the World
  • 1 day The Dirt on Clean Electric Cars
  • 17 hours Can “Renewables” Dent the World’s need for Electricity?
  • 1 day Owning stocks long-term low risk?
  • 19 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 7 hours Long-Awaited Slowdown in China Exports Still Isn’t Happening
  • 10 hours Can the World Survive without Saudi Oil?
  • 17 hours Satellite Moons to Replace Streetlamps?!
This Alliance Could Mark A New Era For Oil

This Alliance Could Mark A New Era For Oil

A formalized oil alliance between…

Oil Markets Tremble As Chinese Stocks Crash

Oil Markets Tremble As Chinese Stocks Crash

The steep plunge in Chinese…

Oil Prices Rise As API Reports Draws Across The Board

Gas flaring

The American Petroleum Institute (API) reported a draw of 1.5 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.3 million barrels for the week ending May 19—the second such expectation in two weeks. While 1.5 million barrels is not a huge draw, this week’s crude oil inventory draw was accompanied by across the board draws for gasoline, distillates, and oil at the Cushing, Oklahoma facility as well.

(Click to enlarge)

Gasoline inventories fell by a sizable 3.15 million barrels, according to the API.

Oil prices have risen this week, from WTI at $48.76 last week to $51.41 this week, at 2:27pm EST on Tuesday. Brent was trading at $54.11 at 2:27pm EST, compared to $51.78 last week. Both benchmarks have gained +$5.00 over the last two weeks.

Still, oil prices are hanging precariously in the balance, with OPEC pulling the strings on one side, and US inventories and rig count the other. OPEC has made a good showing of managing expectations—struggling to find the balance between 1) promising enough to keep oil from falling to levels we saw two weeks ago and 2) not promising so much that markets are disappointed with a mere follow through, thus leaving space to exceed expectations—the only move left that will lift prices.

Gasoline prices were up at 2:35pm EST 0.05% at $1.66—up almost 6 cents from last week, and 18 cents over the last two weeks.

Related: Kuwait: Deeper Cuts Are On The Table

Distillate inventories fell this week by 1.85 million barrels—offsetting almost perfectly the 1.8 million barrel build last week. Inventories at the Cushing, Oklahoma, site fell by 210,000 barrels.

By 4:40pm EST, both WTI and Brent Crude were upwardly mobile on the news, and were trading at $51.68 and $54.34 respectively.

The U.S. Energy Information Administration report on oil inventories is due Wednesday at 10:30 a.m. EDT.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News