• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 hours What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 24 hours "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 24 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 20 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 21 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 1 day PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"

Oil Prices Unmoved After API Reports Small Crude Build

The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels.

The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10.

U.S. crude inventories have shed some 74 million barrels since the start of 2021 and about 16 million barrels since the start of 2020, according to API data.

In the week prior, the API reported a build in crude oil inventories of 1.845 million barrels after analysts had predicted a draw of 1.8 million barrels.

Oil prices were particularly volatile on Tuesday, with OPEC reporting that May production was not only lower than its quota, but lower than April. Typically, this would result in a large price spike as the market contemplates the likelihood that OPEC is fresh out of spare capacity. But high inflation, a lack of spare refining capacity, and China's Covid battle has kept a lid on the gains.

WTI was trading down 0.22% on Tuesday at $120.70 per barrel on the day at 2:20 p.m. ET—up almost $0.60 per barrel on the week. Brent crude was trading up 0.01% on the day at $122.30—and up nearly $1.20 per barrel on the week.

U.S. crude oil production stagnated at 11.9 million bpd for the fourth week in a row for the week ending June 3—a 1.2 million barrels per day decrease from pre-pandemic times.

This week, the API reported a draw in gasoline inventories of 2.159 million barrels for the week ending June 10, compared to the previous week's 1.821-million-barrel build.

Distillate stocks saw an inventory rise of 234,000 million barrels for the week, compared to last week's 3.376-million-barrel increase.

Cushing saw a decrease of 1.067 million barrels this week. Cushing inventories slipped to 23.441 million barrels in the week prior, as of June 03, according to EIA data—down by more than half from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.

At 4:35 pm, ET, WTI was trading down at $118.5 (-2.03%), with Brent trading down at $120.7 (-1.30%).

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