• 3 minutes In a Nutshell...
  • 5 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 7 minutes Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 9 minutes Why Oil could hit $100
  • 3 hours COVID is real now
  • 15 hours Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 4 hours The Boris Yeltsin of America
  • 14 hours Why Putin is popular in Russia
  • 2 days Is the oil & gas industry on the way out?
  • 16 mins Where is Alberta, Canada headed?
  • 11 hours Is The Three Gorges Dam on the Brink of Collapse?
  • 10 hours Fauci: "USA will soon have 100K new cases per day". Trump re(p)-lies: "The problem has been fixed"
Libya Declares Force Majeure On Oil Exports Again

Libya Declares Force Majeure On Oil Exports Again

Just two days after it lifted the…

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

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