• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 2 hours Would bashing China solve all the problems of the United States
  • 56 mins Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 3 hours Model 3 cheaper to buy than BMW 3 series.
  • 3 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 15 mins Can I Sue This Site for If People Post Inaccurate Information?
  • 10 hours China to Impose Dictatorship on Hong Kong
  • 7 hours Incompetent "Journalists"
  • 15 mins Thugs in Trumpistan
  • 50 mins Pompeo's Hong Kong
  • 1 day Iran's first oil tanker has arrived near Venezuela
  • 1 day Let’s Try This....
  • 1 day Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 17 hours 60 mph electric mopeds
  • 1 day HVDC Cheaper Than Low-carbon Natural Gas
  • 1 day Oil and Gas After COVID-19
Is Lebanon’s Natural Gas Boom Dead In The Water?

Is Lebanon’s Natural Gas Boom Dead In The Water?

Absent any discovery thus far,…

Will U.S. Shale Survive If Oil Hits $40?

Will U.S. Shale Survive If Oil Hits $40?

The oil price collapse is…

Small Crude Draw Can’t Stop Oil From Plunging

The American Petroleum Institute (API) reported a small crude oil inventory draw of 1.401 million barrels for the week ending July 11, compared to analyst expectations of a 2.69-million barrel draw.

The inventory draw this week is disappointing after last week’s large draw of 8.129 million barrels, according to the API. A day later, the EIA had estimated an even bigger inventory drawdown of  9.5 million barrels.

After a string of inventory draws, the net build is now just 12.16 million barrels for the 29-week reporting period so far this year, using API data.

Oil prices were trading down on Tuesday after shocking reports that US Secretary of State Mike Pompeo announced that Iran was ready to negotiate about the details of its missile program. Tensions over oil flows near the Strait of Hormuz have kept a floor under oil prices that would otherwise have fallen on recent weak oil demand growth projections.

At 3:35pm EST, WTI was trading down by $1.70 (-2.85%) at $57.88—nearly flat week on week. Brent was trading down $1.75 (-2.63%) at $64.73—up slightly from last week.

The API this week reported a 476,000-barrel draw in gasoline inventories for week ending July 11. Analysts estimated a draw in gasoline inventories of 925,000 barrels for the week.

Distillate inventories grew by 6.226 million barrels for the week, while inventories at Cushing fell by 1.115 million barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending July 05 rose slightly this week to 12.3 million bpd, just 100,000 bpd off the all-time high of 12.4 million bpd.

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 4:43pm EST, WTI was trading at $58.12 while Brent traded at $64.97.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Shaleen Tripathi on July 17 2019 said:
    EVs have depressed the oil market...

Leave a comment

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