• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 14 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 11 mins Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 30 mins CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 1 hour NordStream2
  • 19 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 6 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 4 days 2019 - Attack on Saudi Oil Facilities.
  • 5 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
  • 6 days Peak oil - demand vs production
Why Is Ukraine Ignoring Its Massive Bioenergy Potential?

Why Is Ukraine Ignoring Its Massive Bioenergy Potential?

Bioenergy offers a promising alternative…

Oil Prices Under Pressure Following Large Gasoline Build

The American Petroleum Institute (API) on Tuesday reported a modest draw in crude oil inventories of 2.618 million barrels for the week ending April 2.

Analysts had predicted a smaller draw of 1.436 million barrels for the week.

In the previous week, the API reported a build in oil inventories of 3.910 million barrels after analysts had predicted a much smaller build of 107,000 barrels.

Plains All American tanks at main Cushing area as of April 2.

After tanking on Monday, oil prices were trading up on the day prior to the data release as fears in the market calmed regarding additional supplies that might be brought onto the market should the talks over the Iranian nuclear deal end with lifting U.S. sanctions.

 At 4:02 p.m. EDT, WTI traded at $59.40, or 1.28% higher on the day. Brent crude traded up at $62.79 per barrel or 1.03% up on the day.

As U.S. oil inventories shrink, U.S. oil production rose modestly to 11.1 million bpd during the week ending March 26, according to the latest data from the Energy Information Administration. It is the second increase in as many weeks.

The API reported a build in gasoline inventories of 4.553 million barrels for the week ending April 2—after the previous week's 6.012-million-barrel barrel draw. Analysts had expected a 221,000 barrel draw for the week.

Distillate stocks saw an increase in inventories this week of 2.810 million barrels for the week, after last week's 2.595-million-barrel increase.

Cushing inventory figures fell by 84,000 barrels.

Post data release, at 4:34 p.m. EDT, the WTI benchmark was trading at $59.45--$1 shy of last week’s levels. Brent crude was trading at $62.83 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News