• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 4 hours New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 2 hours Permafrost Melting Will Cost Us $70 Trillion
  • 3 hours Nothing Better than Li-Ion on the Horizon
  • 7 hours Occidental Offers To Buy Anadarko In $57 Billion Deal, Topping Chevron
  • 4 hours UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 7 hours Russia To Start Deliveries Of S-400 To Turkey In July
  • 7 hours Facebook Analysts Expect Earnings Will Reinforce Rebound
  • 23 hours Countries with the most oil and where they're selling it
  • 11 hours ..
  • 3 hours How many drilling sites are left in the Permian?
  • 24 hours Section 232 Uranium
  • 1 day China To Promote Using Wind Energy To Power Heating
Chevron And Occidental Start Bidding War For Anadarko

Chevron And Occidental Start Bidding War For Anadarko

Occidental Petroleum said on Wednesday…

Has Trump Given Up On Keeping Oil Prices Low?

Has Trump Given Up On Keeping Oil Prices Low?

While Trump’s decision not to…

Strong Draw In Gasoline Stocks Dwarfs Crude Build

shale drillers

The American Petroleum Institute (API) reported a build in crude oil inventory of 4.1 million barrels for the week ending April 5, coming in over analyst expectations of a ­2.294-million-barrel build.

Last week, the API reported a surprise build in crude oil of 3.0 million barrels. A day later, the EIA confirmed the build, but a much more significant, shocking markets with a report of a 7.2 million buildup in inventory. 

Including this week’s data, the net build is now 7.53 million barrels for the 13-week reporting period so far this year, using API data.

WTI was trading down on Tuesday before the data release at $64.02, down $0.38 (-0.59%) on the day at 12:29pm, although up week on week. The Brent benchmark was also trading down on the day at $70.77, down $0.33 (-.46%) at that time. The Brent benchmark was also up week on week.

The recent string of price hikes has catapulted oil to near 5-month highs as US sanctions on Iran and Venezuela, unrest in Libya, and continued OPEC production cuts all factor into the mix. So much so, in fact, that high US production, as well US inventories—the market’s most transparent metric for oil inventories—have taken somewhat of a backseat.

The API this week reported a draw in gasoline inventories for week ending April 5 in the amount of 7.1 million barrels. Analysts estimated a much smaller draw in gasoline inventories of 2.009 million barrels for the week.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending March 29—the latest information available—rose to an average of 12.2 million bpd—another new all-time high for the United States.

Distillate inventories decreased by 2.4 million barrels, compared to an expected a draw of 1.3 million barrels for the week.

Crude oil inventories at the Cushing, Oklahoma facility fell by 1.3 million barrels for the week.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30a.m. EST.

By 4:40pm EST, WTI was trading down at $64.10 and Brent was trading down at $70.66.

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Corane Smith on April 10 2019 said:
    The current conflict in Libya is really bad not to mentioned sanctions on Venezuela and Iran. Iran alone is the 3rd largest oil producer in the world if Trump decided to cancel waivers that's it; oil may even hit $75 before shoot to $90 in no time. the current rise in US Shale is nothing if the rest of the world is in turmoil; Lets be logical, how long can the US Keep up with that increase? they are currently wasting their reserves for the long run.

Leave a comment

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