• 4 minutes Your idea of oil/gas prices next ten years
  • 7 minutes WTI Heading for $60
  • 13 minutes Could EVs Become Cheaper than ICE Cars by 2023?
  • 1 day Pence says South China Sea Doesn't Belong To Any One Nation
  • 2 days Anyone holding Nvidia stock?
  • 5 hours Is California becoming a National Security Risk to the U.S.?
  • 19 hours Why does US never need to have an oil production cut?
  • 2 days Germany Discusses Lifting Ban on Deporting Syrians
  • 2 hours US continues imports of Russian gas which it insists Europe should stop buying
  • 2 days UK Power and loss of power stations
  • 2 hours Pros and Cons of Coal
  • 6 hours Trump administration slaps sanctions on Saudis over Khashoggi's death
  • 2 days China Claims To Have Successfully Developed a Quantum Radar That Can Detect 'Invisible' Fighter Jets
  • 2 days I Believe I Can Fly: Proposed U.S. Space Force Budget Could Be Less Than $5 Billion
  • 2 days A Sane Take on Nord Stream 2
  • 22 hours Commission: U.S. Could Lose Wars With Russia, China

Oil Prices Steady After API Reports Crude Draw, Gasoline Build

Crude oil storage

As oil prices continue to fall, the American Petroleum Institute (API) reported a draw of 3.016 million barrels in crude oil inventories for the week ending June 15, compared to analyst expectations that this week would see a draw in crude oil inventories of 1.898 million barrels.

Last week, the American Petroleum Institute (API) reported a small build of 800,000 barrels of crude oil.

However, the API reported a surprise buildup in gasoline inventories for week ending June 15 in the amount of 2.113 million barrels. Analysts had expected a significantly smaller build of 188,000 barrels.

Crude oil continued sliding today on the back of growing pressure between the United States and China and anticipation of a difficult OPEC+ meeting on Friday. In early morning trading, Brent crude was trading at US$75.04 a barrel, down 0.40 percent, with WTI down 1.25 percent to US$64.87 a barrel, after President Trump said he will consider imposing import tariffs on another US$200 billion worth of Chinese goods.

By 2:48pm, WTI crude was trading at $64.97 while Brent crude was trading at $75.12 per barrel.

US crude oil production for yet another week for week ending June 8—the most recent data available—increased to 10.900 million bpd, according to the EIA.

Related: Oil Markets Turn Bearish Ahead Of OPEC Meeting

Distillate inventories also saw a surprise build this week of 750,000 barrels, compared to an expected draw of 164,000 barrels, while inventories at the Cushing, Oklahoma, site fell again this week, by 1.594 million barrels.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30am EDT.

By 4:40pm EST, oil prices started to slip, with the WTI benchmark trading down 1.17% on the day to $64.92 and Brent trading down 0.29% at $75.12.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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