• 2 days Iraq Begins To Rebuild Largest Refinery
  • 2 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 2 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 2 days China's CNPC Considers Taking Over South Pars Gas Field
  • 2 days BP To Invest $200 Million In Solar
  • 2 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 3 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 3 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 3 days Goldman Bullish On Oil Markets
  • 3 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 3 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 3 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 4 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 4 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 4 days Aramco On The Hunt For IPO Global Coordinators
  • 4 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 4 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 5 days API Reports Huge Crude Draw
  • 5 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 5 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 5 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 5 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 6 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 6 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 6 days Forties Pipeline Could Remain Shuttered For Weeks
  • 6 days Desjardins Ends Energy Loan Moratorium
  • 6 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 6 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 7 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 9 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 9 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

Adapt Or Die: Oil Majors In The New World

Adapt Or Die: Oil Majors In The New World

ExxonMobil is one of the…

The Oil And Gas Industry Is Under Attack

The Oil And Gas Industry Is Under Attack

The global oil and gas…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Oil Prices Slip After API Reports Small Build In Crude Inventories

Oil

The American Petroleum Institute (API) reported a build of 1.821 million barrels of United States crude oil inventories for week ending November 24, against analyst forecasts for an inventory drawdown of 3.15 million barrels.  Last week the API had reported a more than 6-million-barrel draw.

Gasoline inventories, according to the API, saw a draw this week, of 1.529 million barrels for the week ending November 24, compared to forecasts of a 1.17-million-barrel build.

This week marks the last snapshot of inventory figures for US crude oil to be taken prior to the OPEC meeting this Thursday in Vienna, a historical meeting that has analysts pitted at opposite sides in the will-they or won’t-they drama and that has taxed traders as they attempt to predict the meeting’s outcome.

This week’s unexpected build in crude oil inventories is likely to put downward pressure on oil prices, which in turn puts pressure on OPEC to do more “whatever it takes” to reassure the market that the glut is easing in hopes of stabilizing prices.

Oil prices were down heading into today’s data and heading into this week’s meeting, with WTI down $.015(-0.26 percent) at $57.96 at 2:00pm EST, and Brent crude down $0.19(-0.30 percent) at $63.19. 

Distillate inventories also saw a build this week, up 2.696 million barrels, against a forecast of a 230,000-barrel build.

Inventories at the Cushing, Oklahoma, site decreased by 3.178 million barrels this week.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30 a.m. EDT—just one day prior to the OPEC meeting.

Shortly after data release, the WTI benchmark was down 0.40 percent on the day to $57.88 at 4:37pm EST. Brent was trading down 0.44 percent on the day at $63.10

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • stephan chellan on November 29 2017 said:
    enables me to learn more. thanks to it so much.
  • citymoments on November 29 2017 said:
    For b oil traders, we all know API number is notoriously inaccurate; wait for the EIA number today to make your call.
  • Mario Neiva on November 28 2017 said:
    Week after week I see the API crude inventories forecast vs reported inverted. Does anyone has a chart showing this? It feels like anything they predict the opposite occurs.

Leave a comment

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