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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

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