• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 4 hours U.S. Withdraws From U.N. Human Rights Council
  • 4 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 2 hours What If Canada Had Wind and Not Oilsands?
  • 18 mins "The Gasoline Car Is a Car With a Future"
  • 8 hours Could oil demand collapse rapidly? Yup, sure could.
  • 8 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 1 hour Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 8 mins Saudi Arabia turns to solar
  • 8 hours WE Solutions plans to print cars
  • 22 mins EVs Could Help Coal Demand
  • 5 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 9 hours Gazprom Exports to EU Hit Record
  • 13 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 23 hours Oil prices going down
  • 23 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
EV Makers Receive Little Support From Trump

EV Makers Receive Little Support From Trump

Electric vehicle makers find themselves…

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 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:


x

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