• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry

Oil Prices Unmoved By Surprise Crude Build

The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.26-million barrels for the week ending October 31, compared to analyst expectations of a 1.515-million-barrel build.

Last week saw a draw in crude oil inventories of 1.7 million barrels, according to API data. The EIA’s estimates, however, reported a build of  5.7-million-barrels for that week.

After today’s inventory move, the net draw for the year has now shrunk to 8.26 million barrels for the 45-week reporting period so far, using API data.

Oil Inventory

Oil prices were trading up on Tuesday prior to the data release, shrugging off demand growth worry at least for the day due to a renewed optimism that the United States and China may some day come to an agreement on a trade deal—a turnout that would potentially increase the demand growth outlook.

At 1:22pm EST, WTI was trading up $0.55 (+0.97%) at $57.09 per barrel—up nearly $2 per barrel week over week. Brent was trading up $0.63 (+1.01%) at $62.76, up a bit more than $2 per barrel from this time last week.

Related: IEA: An Oil Glut Is Looming

The API this week reported a draw of 4.0 million barrels of gasoline for week ending October 31. Analysts predicted a draw in gasoline inventories of 1.809 million barrels for the week.

Distillate inventories also fell, by 1.6 million barrels for the week.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending October 25 stayed at 12.6 million bpd for the fourth week in a row—the highest production level that the United States has seen.

At 4:40pm EDT, WTI was trading at $57.25, while Brent was trading at $62.99.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on November 06 2019 said:
    If oil prices were unmoved by a surprise American Petroleum Institute (API) crude oil inventory build of 4.26-million barrels for the week ending October 31, it is because they have lost confidence a long time ago in announcements by both the API and also the US Energy Information Administration (EIA) about both product and crude US inventory build.

    It has not been lost on the global oil market that every time oil prices started to surge, either the EIA or the API or both would announce inventory build aimed at depressing oil prices. It is one of the tools the United States uses to manipulate global oil prices.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

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