• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 5 hours Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Offshore Oil Discoveries Thrive

Offshore Oil Discoveries Thrive

But despite the industry as…

Oil Under Pressure As API Reports Large Crude, Product Builds

Crude oil inventories rose by another 6.33 million barrels last week, the American Petroleum Institute (API) data showed on Tuesday, on top of last week’s 3+ million barrel build.

U.S. crude inventories increased 13 million barrels last year, according to API data, while crude stored in the nation’s Strategic Petroleum Reserves sunk by 221 million barrels. This week, SPR inventory held steady for the third week in a row at 371.6 million barrels as the emergency releases that the Biden Administration announced last spring are now complete. The SPR now contains the least amount of crude oil since early December 1983.

Oil prices were a mixed bag on Tuesday in the runup to the data release. At 2:39 p.m. EST, WTI was trading up $0.88 (+1.13%) on the day to $78.78 per barrel—a weekly increase of roughly $1.30 per barrel. Brent crude was trading down $0.47 (-0.55%) on the day at $84.43—a weekly decrease of about $1.80 per barrel.

U.S. crude oil production stayed at 12.2 million bpd for the third week in a row for week ending January 20—it is the highest production rate since last August. U.S. production is still  900,000 bpd lower than the peak production seen in March 2020.

WTI was trading at $79.13 shortly after the data release.

Gasoline inventories rose by 2.73 million barrels after last week’s API data showed the fuel inventories rising by 620,000 barrels. Distillates rose 1.53 million barrels after falling by 1.929 million bpd in the week prior.

Inventories at Cushing, Oklahoma, increased by 2.72 million barrels on top of the 3.378-million barrel hike reported last week.

ADVERTISEMENT

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