• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days "How China Could Send LNG Prices Into The Stratosphere" by Irina Slav
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 8 days "Oil-funded Rockefeller Foundation centers fight for climate" - Associated Press
How Russian Oil Is Making Its Way From Europe To Asia

How Russian Oil Is Making Its Way From Europe To Asia

Despite sanctions, Russia has been…

Oil Prices Slip After API Reports Build In Gasoline Inventories

The American Petroleum Institute (API) reported a major drawdown on U.S. crude oil inventories of 3.595 million barrels—one-third of last week’s API-reported draw of 9.2 million.

Cushing inventories were also down 462,000 barrels, for the week ended August 18. 

Gasoline inventories rose significantly, up 1.402 million barrels, while distillates were up 2.048 million barrels.

At 4:49 pm EST, right after the API data release, WTI was at $47.63, while Brent was trading at $51.69.

(Click to enlarge)

On Friday, crude oil prices had spiked following a report indicating a decline in U.S. E&P activity. At the same time, this was followed by Australian mining giant BHP Billiton’s announcement that it would be exiting U.S. shale entirely. 

Also weighing in on oil prices this week so far has been news that OPEC’s November meeting would discuss the fate of the current agreement--whether it would extend the cuts further or decide to terminate it.

“At our next meeting at the end of November...the most important items will concern the fate of the agreement to extend or terminate the production cut,” Kuwait Minister Essam al-Marzouq said in an interview with Kuwait TV on Monday, as carried by Reuters.

At the same time, OPEC’s committee set up to monitor compliance with the cuts is meeting in Vienna to discuss slipping conformity with the pledges. Citing two sources in the know, Reuters reports that estimates are for a combined compliance of 94 percent for July. The IAE disagrees, however, saying that OPEC compliance slipped to 75 percent in July, from 77 percent in June. Compliance within the non-OPEC group of producers party to the cuts was 67 percent. Combined, the 22 producers that have pledged to cut production are overproducing a total of 470,000 bpd, according to the IEA.

Last week, the Energy Information Administration (EIA), reported a US crude inventory draw of  8.9 million barrels, after a draw the week earlier of 6.5 million barrels.

The EIA 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
  • Naomi on August 23 2017 said:
    Working people cannot afford $50/bbl oil. Bring the price down to $18 /bbl and buyers will come. $18/bbl oil makes working and investing profitable. Natural gas energy costs the equivalent of $18/bbl oil. The world is converting from oil to natural gas. OPEC is living in a dream world.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News