• 48 mins Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 7 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 7 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
Can Trump Drive A Wedge Between Saudi-Russian Alliance?

Can Trump Drive A Wedge Between Saudi-Russian Alliance?

Trump’s Iran deal decertification threatens…

Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary

Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary

Kuwaiti Oil Minister Al-Marzouk has…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Oil Tanks After API Reports Biggest Build To U.S. Crude Stocks Since March

Oil rig dusk

This week’s American Petroleum Institute (API) reported a massive 9.3 million barrel build in United States’ crude oil supplies – the largest increase since March of this year.

Experts polled by ZeroHedge expected a seasonally consistent 1.54-million-barrel build, but instead, API figures show the largest jump in inventories for eight months.

Distillate supplies saw the sixth straight week of declines, but supplies at Cushing, Oklahoma saw the largest spike in three months.

Gasoline supplies experienced the largest decline in two months, down 3.5 million barrels against the more modest one-million-barrel drop that was forecasted.

West Texas Intermediate crude prices sank 1.13 percent with the report’s release, stabilizing at $46.33. Brent prices traded down 1.42 percent at $47.92 at the time of this article’s writing. Oil had rallied earlier in the day on a slipping dollar, and after Colonial Pipeline had to shut down its main pipeline for a second time in as many months following an explosion. WTI had reached as high as $47.35 on Tuesday.

ZeroHedge noted that domestic crude inventories are still 29 percent higher than the seasonal average.

“The global glut continues to march on,” Phil Streible, senior market strategist at RJO Futures in Chicago, told the economics blog.

Tomorrow’s official inventory report from the Energy Information Administration (EIA) will determine whether the API’s numbers are accurate, and will no doubt swing markets back upward should the EIA determines there was in fact a more modest build.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Mark Taylor on November 02 2016 said:
    Have you forgotten that last week, they report a huge build and EIA reported a draw? API is just not reliable information.
  • michael on November 02 2016 said:
    massive build that's only equivalent to one days worth of Saudi production give me a break these reporters must be short the oil futures LOL
  • A. Ozaydin on November 01 2016 said:
    Depending on the age of storage tank, each could be storing up to 10-15% of their inventory (to a height of 1.m from floor) as mud, dirt, pipeline debris which is useless for refining purposes and should be deducted from general oil inventories. New storage tanks has no such a problem but almost every floating storage tank contains a sizable percentage of its inventory as useless debris, mud.

Leave a comment

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