• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 2 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 2 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 6 mins Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 24 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 1 day NordStream2
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 1 day "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 6 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days 2019 - Attack on Saudi Oil Facilities.
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Oil Spikes After API Reports Largest Crude Inventory Draw Of The Year

The American Petroleum Institute (API) reported a huge crude oil inventory draw of  10.961 million barrels for the week ending July 18, compared to analyst expectations of a much smaller—but still significant--4.011-million barrel draw.

The inventory draw this week compares to last week’s small draw of 1.401 million barrels, according to the API. A day later, the EIA had estimated an even bigger inventory drawdown of 3.1 million barrels.

After today’s extra-large draw—the largest draw this year--the net build is now just 1.20 million barrels for the 30-week reporting period so far this year, using API data.

Oil prices were trading up on Tuesday with continuing tensions between Iran and most of the Western world over a series of oil tanker attacks and oil tanker seizures in the eve- important Persian Gulf. Even Libya lifting its force majeure on its largest oilfield, Sharara lacked the teeth to push prices down.

The market has grown increasingly tolerant of the tensions in the Middle East, with other metrics having more of an impact on oil prices such production reports out of the shale patch, and force majeures that actually decrease the amount of exportable oil rather than just the threat of decreased oil as is the case with Iran.

At 3:24pm EST, WTI was trading up by $0.57 (+1.01%) at $56.79—a dollar under last week’s price. Brent was trading up $0.56 (+0.89%) at $63.82—also almost a dollar under last week’s level.

Related: Venezuela’s Oil Production Could Soon Fall Below 500,000 Bpd

The API this week reported a 4.436-barrel build in gasoline inventories for week ending July 18. Analysts estimated a draw in gasoline inventories of 730,000 barrels for the week.

Distillate inventories grew by 1.420 million barrels for the week, while inventories at Cushing fell by 448,000 barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending July 12 slid back this week to 12.0 million bpd, 400,000 bpd off the all-time high hit earlier this year.

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

By 4:36pm EST, WTI was trading at $57.16 while Brent traded at $64.20.

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