• 3 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 7 minutes Big Oil Costs Can't Go Much Lower
  • 12 minutes China’s Oil Futures Contract Is Beginning to Show Its Teeth
  • 6 hours China Tariff Threatens U.S. LNG Boom
  • 37 mins So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 57 mins Blackouts in Australia
  • 6 hours Regime For Regime: China Says Willing To Provide Venezuela With What Help It Can
  • 12 hours Famous Musk's Tweet Puts Tesla Under Criminal Investigation
  • 40 mins Global Hunger Continues to Grow Driven By Climate Change
  • 19 hours Is your name Philip? No? Too bad!
  • 1 day The moves toward 'zero-manning' in oil & gas
  • 1 day Jan's Electric bike replaces electric cars
  • 1 day Funding Secured: Saudi Wealth Fund to Invest $1 Billion in Tesla's RIval Lucid to build its EV factory
  • 1 day Making Safe Nuclear Power from Thorium
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 16 hours WTI now at $70+ headed for $50s
Oil Prices Unfazed By Growing Rig Count

Oil Prices Unfazed By Growing Rig Count

Oil prices appear to have…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for US-based Divergente LLC consulting firm, and a member of the Creative Professionals Networking Group.

More Info

Oil Trades Flat After API Reports Major Crude Draw

oilfield

The American Petroleum Institute (API) reported a crude oil inventory draw of 6 million barrels of United States crude oil inventories for the week ending Aug 4, compared to analyst expectations that this week would see a draw in crude oil inventories of 3.33 million barrels.

Last week, the American Petroleum Institute (API) reported a build of 5.59 million barrels of crude oil.

The API reported a build in gasoline inventories for week ending Aug 4 in the amount of 3.1 million barrels. Analysts predicted a draw of 1.7 million barrels.

Oil prices were trading up modestly on Tuesday prior to the release of the API data on inventories, and failed to move much after data release, with WTI trading up 0.12% (+$0.08) at $69.09 per barrel, with Brent crude trading up 1.02% (+$0.75) at $74.50 per barrel as continued trade tensions with China persist and as the United States levied the first round of sanctions on Iran, with the promise of more to come in November. Muddying the waters is the mystery surrounding Saudi Arabia oil production figures which some say was up in July and others say was down

US crude oil production as estimated by the Energy Information Administration came off last week's new high of 11 million bpd, settling back down to 10. 9 million bpd this week, based on weekly estimates provided by the EIA.

Distillate inventories were up this week—by 1.8 million barrels, compared to an expected build of 220,000 barrels. Inventories at the Cushing, Oklahoma site decreased this week by 576,000 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 Julianne Geiger for 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