• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 6 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 58 mins Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 5 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 5 days An Indian Opinion on What is Going on in China
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 2 days Forecasts for Natural Gas
  • 5 days Storage of gas cylinders
Why Is Europe So Divided On Nuclear Energy?

Why Is Europe So Divided On Nuclear Energy?

Though nuclear energy has many…

Inflation Fears Hit Fever Pitch As Gas Rally Continues

Inflation Fears Hit Fever Pitch As Gas Rally Continues

With natural gas prices climbing,…

Oil Prices Slip After API Reports Small Build In Crude Inventories

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

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