• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 9 hours Oil prices going Up? NO!
  • 34 mins Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 26 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Could Venezuela become a net oil importer?
  • 24 hours Oil prices going down
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 42 mins The Tony Seba report
  • 2 days Gazprom Exports to EU Hit Record
  • 2 days Oil Buyers Club
  • 12 mins Kenya Eyes 200+ Oil Wells
  • 5 hours Saudi Arabia turns to solar
  • 17 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 11 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 2 days EU Leaders Set To Prolong Russia Sanctions Again
Rig Count Falls As U.S. Oil Output Flatlines

Rig Count Falls As U.S. Oil Output Flatlines

WTI crude rose 4.5 percent…

Oil Prices Rise As API Reports Huge Crude Inventory Draw

oil rigs

The American Petroleum Institute (API) reported a major draw of 9.2 million barrels in United States crude oil inventories—the biggest draw since September 2016.

The draw compares to analyst expectations of a draw of 3.6 million barrels for the week ending August 11.

Gasoline inventories rose by 301,000 barrels for the week ending August 11, compared to analyst expectations that inventories for the fuel would fall by 1.5 million barrels.

Crude prices fell on Tuesday—despite an export terminal closure in Libya on the back of worker protests—on weakening China demand. China’s oil refineries saw their lowest daily throughput in July at 10.71 million barrels per day according to China’s National Bureau of Statistics on Monday.

OPEC’s noncompliance also continues to weigh on traders, with OPEC’s MMOR last week showing a 172,600-barrel-per-day increase in oil production in July for the cartel, based on secondary sources. Total daily production for OPEC in July was 32.869 million bpd—up from 32.696 million bpd.

Traders are also watching US shale production, which is trudging on full steam ahead despite oil prices, which have been unable to hold above $50 for any significant length of time. Crude oil production in the United States reached 9.423 million bpd for the week ending August 4, with average crude oil production expecting to reach 9.91 million barrels per day in 2018 according to the EIA’s latest Short Term Energy Outlook.

Related: Oil Prices Inch Higher As Libya Closes Crude Export Terminal

At 8:19am, WTI had fallen 0.65% on the day to $47.28—almost $2 less than last week this time, with Brent Crude down 0.85% at $50.30. per barrel.

Distillate inventories were down by 2.1 million barrels, while inventories at the Cushing, Oklahoma site increased by 1.7 million barrels.

By 4:43pm EST, WTI had rallied slightly, trading at $47.81 with Brent Crude trading at $51.04.

The U.S. Energy Information Administration report on oil inventories is due on 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
  • Bigripoff on August 16 2017 said:
    A million and a half barrel inventory is nothing over world wide use. NOTHING MORE THAN A BIG RIP OFF FOR OIL TRADERS TO MAKE $$$
  • DAVID BUSIC on August 16 2017 said:
    Its amazing how they keep trying to edge the price up based on minute information.
  • Dan on August 15 2017 said:
    Perhaps someone should tell traders gasoline is also exporting product, not just U.S. use. That's not a big build considering the Saudi owner refinery in the U.S. Saudi Arabia use is growing fast for gasoline. I know but that's just one country we export to.
  • Confused on August 15 2017 said:
    You referenced a draw of 10m+ barrels in this article in July.

    http://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Leap-Higher-After-API-Reports-Huge-Crude-Draw.html

    How is this the largest draw since September 2016?

Leave a comment

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