• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 1 hour Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 22 hours Biden about to face first real test. Russia building up military on Ukraine border.
  • 19 mins America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Trump punches back at Fauci and Birx's revisionist history (aka lies)
  • 3 days The coming Cyber Attack
  • 8 hours U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 19 hours Create a new law "Postericide" to prosecute and imprison Climate Change "Deniers"
  • 2 days New Chinese Coal Plants Equal All those in U.S.A
  • 2 days Goldman Betting on Cryptocurrencies
  • 17 mins NG spot prices hit triple digits for weekend delivery
  • 4 days New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 5 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 days Forecasts for Natural Gas

Oil Prices Under Pressure As API Reports Inventory Build

The American Petroleum Institute (API) reported a build in crude oil inventories of 3.910 million barrels for the week ending March 26.

Analysts had predicted a much smaller inventory build of 107,000 barrels for the week.

In the previous week, the API reported a build in oil inventories of 2.927 million barrels after analysts had predicted a build of 272,000 barrels.

Geospatial

Oil prices were trading down on the day prior to the data release, with WTI trading down $0.96 at 2:45 p.m. EDT at $60.60, while Brent crude traded down $0.78 at $64.20 per barrel.

Prices were again volatile this week, with the prospect of oil shipment delays through the previously logjammed Suez Canal and OPEC+’s JTC meeting on Tuesday, which saw its members agree to revise down its oil demand estimates for this year on the prompting of member Saudi Arabia, who indicated that the figure OPEC+ was using seemed too high. OPEC+ has not released the official oil demand figure.

U.S. oil production rose to 11.0 million bpd during the week ending March 19, according to the latest data from the Energy Information Administration.

The API reported a draw in gasoline inventories of 6.012 million barrels for the week ending March 26—on top of the previous week's 3.728-million-barrel barrel draw. Analysts had expected a 730,000-barrel build for the week.

Distillate stocks saw an increase in inventories this week of 2.595 million barrels for the week, after last week's 246,000-barrel increase.

Cushing inventory figures rose by 904,000 barrels.

Post data release, at 4:34 p.m. EDT, the WTI benchmark was trading at $60.46, while Brent crude was trading at $64.02.

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