• 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
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 10 hours America should go after China but it should be done in a wise way.
  • 4 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
Israel-Hezbollah Tensions Flare Up

Israel-Hezbollah Tensions Flare Up

Cross-border missile exchanges between Israel…

Oil Prices Up As API Reports Massive Crude Draw

The American Petroleum Institute (API) has estimated a large crude oil inventory draw of 7.9 million barrels for the week ending December 18, compared to analyst expectations of a much smaller 1.833-million-barrel draw in inventory.

Last week saw a build in crude oil inventories of 4.7 million barrels, according to API data. The EIA’s estimates reported a draw of 1.1 million barrels for that week.

After today’s reported inventory move, the net inventory moves so far this year—almost the end of the year--stand at a build of 3.22 million barrels for the last 51-weeks, using API data.

Oil prices had been up on the day prior to the data release. WTI was trading up over 1% on Tuesday. At 4:10 pm EST, WTI was trading up $0.62 (1.02%) at $61.14—roughly $0.25 per barrel above than last week’s levels. The price of a Brent barrel was also trading up, by $0.74 (+1.13%) at that time, at $66.16–flat from last week’s prices.  

The API this week also reported a build of 566,000 barrels of gasoline for week ending December 18, compared to analyst expectations of a larger build in gasoline inventories of 1.959-million barrels for the week.

Distillate inventories saw a build of 1.68 million barrels for the week, while Cushing inventories fell by a sizable 2.2 million barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending December 13 stayed at 12.8 million bpd off the all-time high of 12.9 million bpd..


At 5:03 pm EDT, WTI was trading at $61.14, while Brent was trading at $66.16.

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