• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 1 hour One Last Warning For The U.S. Shale Patch
  • 4 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 23 mins Chile Tests Floating Solar Farm
  • 11 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 11 hours Poll: Will Renewables Save the World?
  • 11 hours New Rebate For EVs in Canada
  • 2 hours Trump Tariffs On China Working
  • 2 hours Biomass, Ethanol No Longer Green
  • 14 hours The Political Debacle: Brexit delayed
  • 4 hours Trump sells out his base to please Wallstreet and Oil industry
  • 1 day Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 5 hours Read: OPEC THREATENED TO KILL US SHALE
  • 9 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
Oil Prices Shoot Up On Large Inventory Draw

Oil Prices Shoot Up On Large Inventory Draw

Oil prices rose on Wednesday…

Crude Oil Stocks Rise Despite U.S. Sanctions

Crude Oil Stocks Rise Despite U.S. Sanctions

U.S. sanctions haven’t led to…

Oil Prices Up After API Reports Huge Gasoline Draw

Gas

The American Petroleum Institute (API) reported a small build of 519,000 barrels in United States crude oil inventories, while an S&P Platts’ survey of analysts expected inventories would draw down by 425,000 barrels for the week ending October 20.

Gasoline inventories, according to the API, saw a huge draw of 5.753 million barrels for the week ending October 20, against a smaller expected draw of 2.3 million barrels.  

Both WTI and Brent benchmarks were up on lingering concerns that the US/Iran standoff could disrupt oil supplies, along with disruptions to oil production in Iraq as the referendum continues to pit Turkey, Iran, and Iraq governments against the Iraqi Kurds—a volatile situation that has the potential to spark a civil war.

But prices started to slip on Tuesday as reality set in as robust supply capacity from OPEC and US shale loomed large in skittish investor minds.

The WTI benchmark was up 1.04 percent on the day to $52.44 at 12:10 pm EST, while Brent was trading up 1.13 percent on the day at $57.92.  While WTI was up week on week, Brent was down slightly from last week.  Gasoline was trading up 0.99 percent on Tuesday at $1.62.

For the US, the total drawdown of crude oil in 2017 now stands at 30.1 million barrels, according to API data, although prices for now are still stuck in the low 50s.

Related: Syrian Kurds Cut Secret Gas Deal With Russian Forces

Distillate inventories also saw a sharp decline this week, down 4.949 million barrels. Analysts had expected a drop of 2.05 million barrels.

Inventories at the Cushing, Oklahoma, site decreased by a small 55,000 barrels this week.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30 a.m. EDT.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Thomas Lee on October 24 2017 said:
    was that a draw or build of 519,000 for crude oil? Other websites are showing this as a build.

    Thanks

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News