• 3 minutes Natural gas is crushing wind and solar power
  • 6 minutes OPEC and Russia could discuss emergency cuts
  • 8 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 11 minutes Question: Why are oil futures so low through 2020?
  • 13 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 19 mins Oil and gas producers fire back at Democratic presidential candidates.
  • 6 hours So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 10 hours Peak Shale Will Send Oil Prices Sky High
  • 56 mins "Criticism of migration will become a criminal offense.  And media outlets that give room to criticism of migration, can be shut down." - EU Official to the Media.
  • 3 hours Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 11 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 4 hours CDC covid19 coverup?
  • 1 day “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 19 hours Democrats Plan "B" Bloomberg Implodes. Plan "C" = John Kerry ?
  • 1 day Who decides the Oil costs?
Aramco To Invest $110 Billion In Huge Gas Field

Aramco To Invest $110 Billion In Huge Gas Field

Aramco plans to invest $110…

Hedge Funds Selling In Oil Slows Down For Third Week

Hedge Funds Selling In Oil Slows Down For Third Week

Money managers continued to liquidate…

Oil Stabilizes After API Reports Lower Than Expected Build In Crude Stocks

Oil storage

The American Petroleum Institute (API) is reporting a 1.4-million-build in US crude oil inventory over last week—bursting the bubble created the week before when official data showed the biggest draw on inventory in a century.

Still, the build is much lower than expectations of a 4-million-barrel build, in part because the release of shut-in oil following a Gulf of Mexico hurricane.

At Cushing, crude oil inventories were down 1.12 million barrels, more than expectations.

Gasoline stocks were also down 2.4 million barrels, against expectations of a 1.1-million-barrel draw.

For distillates, the picture was gloomier, with the biggest build in eight months, up 5.3 million barrels.

Tomorrow at 10:30am EST, the EIA will release the official figures, and all eyes will be watching to see if the API’s data holds. In the meantime, the market remains highly volatile.

The EIA’s latest report had US commercial crude oil inventories down by 14.5 million barrels during the week ended 2 September. This was some 2.5 million more than the API had predicted the day prior, so analysts will be watching tomorrow’s figures closely.

Last week’s EIA data also showed the API reporting gasoline draw numbers lower than the official figures. On 7 September, the API reported a 2.388-million-barrel draw on gasoline stocks, while the EIA came back with a 4.2-million-barrel draw.

Shortly after the API figures were released today at 4:30PM EST, West Texas Intermediate (WTI) was down 2.23 percent at US$45.26. Brent crude was down 1.92 percent, at US$47.39.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

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