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Breaking News:

Oil Prices Climb On Huge Inventory Draw

Oil Rally Pauses After API Reports Small Build In Crude Inventories

The American Petroleum Institute (API) reported a build of 907,000 barrels of United States crude oil inventories for the week ending September 28, compared to analyst expectations that this week would see a build in crude oil inventories of 1.132 million barrels.

Last week, the American Petroleum Institute (API) reported a build of 2.903 million barrels of crude oil.

The API reported a draw in gasoline inventories as well for week ending September 28 in the amount of 1.703 million barrels. Analysts had predicted a build of 1.156 million barrels in gasoline inventories for the week.

Oil prices were down in afternoon trading prior to the release of the API data on inventories. At 1:16pm EDT, WTI was trading down 0.35% (-$0.26) at $75.04. While down for the day, this is still $3 per barrel over last week’s Tuesday afternoon prices, and $5 up from prices two weeks ago as the market settles on the notion that Iran’s oil supplies may be restricted to a greater extent than previously thought, including Iran’s oil exports to China and India.

Meanwhile, the Brent crude benchmark was trading down 0.31% (-$0.26) at $84.72, also over $3 more than last week’s prices.

Inventories at the Cushing, Oklahoma, site increased this week by 2.018 million barrels in the largest build since March.

US crude oil production as estimated by the Energy Information Administration was up slightly for week ending September 21 at 11.1 million bpd.

Distillate inventories were down this week—by 1.197 million barrels, compared to an expected draw of 1.672 million barrels.

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

By 4:37pm EDT, WTI was trading up at $75.13 and Brent was trading up at $84.61.

By Julianne Geiger for Oilprice.com

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