• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 1 hour California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 1 day Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 24 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 13 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 17 hours Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 3 days Can Technology Keep Coal Plants Alive and Well?
  • 54 mins Forecasts for Natural Gas
  • 10 hours Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Storage of gas cylinders
  • 4 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 4 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
U.S. Oil And Gas Dealmaking Slows Down In Q3

U.S. Oil And Gas Dealmaking Slows Down In Q3

Mergers and acquisitions in the…

Is $80 The New Normal For Oil?

Is $80 The New Normal For Oil?

Oil prices have settled comfortably…

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

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