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The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 872,000 barrels after analysts predicted a draw of 400,000 barrels.
U.S. crude inventories shed some 75 million barrels since the start of 2021, and about 17 million barrels since the start of 2020.
In the week prior, the API reported a build in crude oil inventories of 1.404 million barrels after analysts had predicted a draw of 1.367 million barrels.
Oil prices were trading up on Tuesday in the run-up to the data release, erasing Monday's losses in just the latest bout of price volatility with geopolitical concerns and strong demand pushing prices up, and fed moves and a strong dollar pushing prices down.
WTI was trading up 2.36% to $85.28 on the day at 3:00 p.m. EST but down roughly $2 per barrel on the week. Brent crude was trading up by 2.16% at $88.13 on the day and down roughly $0.60 per barrel on the week.
U.S. oil production continues to climb. For the week ending January 14—the last week for which the Energy Information Administration has provided data—crude oil production in the United States held fast at 11.7 million bpd. This is down 1.4 million bpd from the pre-pandemic era.
Last week, the API reported the third build in a row for gasoline inventories, at 3.463 million barrels. This week, the API reported a build in gasoline inventories at 2.4 million barrels for the week ending January 21—on top of the previous week's 3.463 million barrel build.
Distillate stocks saw a decrease in inventory of 2.2 million barrels for the week, after last week's 1.179 million barrel decrease. Cushing saw a 1 million-barrel decrease this week.
At 4:43 pm, EST, WTI was trading at $85.08, with Brent trading at $87.78.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.