• 3 minutes War for Taiwan?
  • 7 minutes How China Is Racing To Expand Its Global Energy Influence
  • 10 minutes Is it time to talk about Hydrogen?
  • 1 min U.S. Presidential Elections Status - Electoral Votes
  • 1 day Locked Thread on the election
  • 17 hours Mail IN Ballot Fraud
  • 7 hours Michael Moore Cranking Up Planet of the Humans Again
  • 7 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 1 day “Consumers Will Pay For Carbon Pricing Costs” by Irina Slav
  • 14 mins Censorship in USA
  • 1 day British PM Eyes Banning Gasoline and Diesel Car Sales
  • 2 days San Francisco Imposes Natural Gas Ban
Is Russia’s LNG Push Too Little Too Late?

Is Russia’s LNG Push Too Little Too Late?

Russia is racing against the…

Oil Prices Climb Higher As The EIA Reports Inventory Draw

Oil Prices Climb Higher As The EIA Reports Inventory Draw

The Energy Information Administration reported…

Oil Rises On Major Crude Draw

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 9.517 million barrels for the week ending September 11.

Analysts had predicted an inventory draw of 1.271-million barrels.

In the previous week, the API reported a build in crude oil inventories of 2.970 million barrels, after analysts had predicted a smaller draw of 1.335 million barrels.

Oil prices were trading up on Tuesday afternoon before the API’s data release, but the rising prices come only after a brutal trading day in the day prior when oil prices sunk to their lowest levels since June.

In the hours leading up to Tuesday’s data release, at 2:36 pm EDT, WTI had risen by $1.03 (+2.76%) to $38.29. While up significantly on the day, WTI is trading only a few cents up on the week. The Brent crude benchmark had risen by $0.89 at 2:38 pm (+2.25%) to $40.50. But compared to last week, Brent is trading down $0.25 compared to last week.  

Oil production in the United States rose during the first week of September from the week prior, but it is still down significantly from a high of 13.1 million bpd on March 13. U.S. oil production currently sits at 10.0 million bpd, according to the Energy Information Administration—3.1 million bpd under March highs.

The API reported a build in gasoline inventories of 3.762 million barrels of gasoline for the week ending September 4—compared to last week’s 6.892-million-barrel draw. Analysts had expected a much smaller 160,000-barrel draw for the week.

Distillate inventories were down by 1.123 million barrels for the week, compared to last week’s 2.293-million-barrel build, while Cushing inventory fell by 798,000 barrels.

At 4:37 pm EDT, the WTI benchmark was trading at $38.24 while Brent crude was trading at $40.53.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • John Greg on September 15 2020 said:
    If you go back and read your report from last week you will see that it was a crude BUILD not a DRAW of 2.97 million barrels.

Leave a comment

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