• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 3 hours WTI @ 67.50, charts show $62.50 next
  • 1 hour Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 2 hours Mike Shellman's musings on "Cartoon of the Week"
  • 7 hours Venezuela set to raise gasoline prices to international levels.
  • 12 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 1 hour Batteries Could Be a Small Dotcom-Style Bubble
  • 7 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 14 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 24 mins Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 13 hours Corporations Are Buying More Renewables Than Ever
  • 2 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 18 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 4 hours France Will Close All Coal Fired Power Stations By 2021
Is This A Game Changer For Drones?

Is This A Game Changer For Drones?

Fuel cell technology could significantly…

Oil Prices Fall On Significant Crude Build

Oil Prices Fall On Significant Crude Build

Oil prices fell on Wednesday…

Oil Prices Slip After API Reports Surprise Crude Inventory Build

Oil tanker

The American Petroleum Institute (API) reported a surprise build of 1.758 million barrels of United States crude oil inventories for the week ending April 6, after analysts had anticipated a draw in crude oil inventories of 189,000 barrels.

Last week, the American Petroleum Institute (API) reported surprise draw of 3.28 million barrels of crude oil.

The API reported this week a build for gasoline for week ending April 6 of 2.005 million in gasoline stockpiles—another surprise given the 1.425-million-barrel draw that analysts had expected.

Both benchmarks had skyrocketed on Tuesday, with the WTI benchmark up by $2.44 (+3.85%) at $65.85—$2.00 over last week’s prices, while Brent traded up $2.67 (+3.89%) at $71.32 at 3:32 pm EST. The rally was inspired in part by Trump’s Monday promise to respond “forcefully” to the suspected chemical attack in Syria, followed by Russia’s threat of retaliation. Further buoying prices was President Xi Jinping, who showed signs of blinking first in China’s trade spat with the United States, when he promised to open up China’s economy. A third catalyst came after the United States gave the EU a May 12 deadline to redo its agreement with Iran that saw an end to sanctions over its nuclear program.

But a sobering force remains—US crude oil production—which for the week ending March 30 increased to 10.460 million bpd. Just one of many in a long streak of gains for oil production in the United States.

Distillate inventories saw significant draw this week of 3.849 million barrels. Analysts had forecast a small decline of 29,000 barrels.

Inventories at the Cushing, Oklahoma, site increased by 1.452 million barrels this week, on top of last week’s large build.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30a.m. EST.

By 4:36pm EST, the WTI benchmark was trading up 3.56% on the day to $65.68 while Brent was trading up 3.58% at $71.11.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • D N on April 10 2018 said:
    Typical! We have a slight increase in price and damn if some SOB don't report some bullshit "surprise" crude build. Apparently my grandson can keep up with the change in his piggy bank better than the oil giants can keep up with how much damn oil they can pump!
  • Carlos Gillis on April 10 2018 said:
    Total rip off on this gas prices and instead of working on working on keeping the price down a little.

Leave a comment

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