• 3 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 8 hours British Utility Companies Brace For Major Reforms
  • 12 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 14 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 15 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 16 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 17 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 18 hours Rosneft Signs $400M Deal With Kurdistan
  • 20 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 8 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Oil Markets Fear Iraqi Escalation

Oil Markets Fear Iraqi Escalation

The military operation by Iraqi…

Is The Aramco IPO On The Brink Of Collapse?

Is The Aramco IPO On The Brink Of Collapse?

Conflicting news suggests that Saudi…

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

Surprise Build In Gasoline Inventories Shocks Oil Markets

oil tanker

The American Petroleum Institute (API) reported a draw of 840,000 barrels in United States crude oil inventories, compared to analyst expectations for a healthier crude oil draw of 1.5 million barrels. While that news is particularly shocking, gasoline inventories saw a rather unexpected build of 1.374 million barrels—analysts were expecting a 2.2-million-barrel draw for the fuel instead.

Last week, the API reported a 1.3-million-barrel draw for crude oil inventories for week ending April 7, while the EIA reported a 2.2-million-barrel draw.

Distillates saw a 1.8-million-barrel draw compared after a 1.6-million-barrel draw last week.

Inventory at the Cushing, Oklahoma, site fell by 672,000 barrels, following another draw last week of 358,000 barrels.

Oil markets winced early on Tuesday after Saudi Arabia’s Energy Minister Khalid A. Al-Falih told reporters in Riyadh that “it is premature to talk about extending the cut,” dampening the excitement The Kingdom incited previously by saying it would be willing to extend the cuts.

Further weighing on prices was the EIA’s Drilling Productivity Report from Monday, which showed that U.S. oil production is expected to increase by 124,000 bpd in May over April—the largest monthly increase since February 2015.

As of 4:30PM, EST on Tuesday, WTI was trading down .04% at $52.63, with Brent Crude trading down .049% at $55.09. Gasoline was also trading down 0.38% at $1.713.

Related: Despite Fears, China Remains A Bullish Force For Oil

This week’s draw in crude oil inventories is the seventh draw in the last sixteen weeks, using API data, with the API still reporting an overall hefty build over the previous 15 weeks of roughly 37.1 million barrels.

The disconnect between the API’s and EIA’s data is significant, with the EIA reported only three draws over the last fifteen weeks, with a total build of 47.3 million in that timeframe.

Almost a half hour after data release, WTI had slipped further to $52.30, and gasoline had fallen to $1.70. By 4:54PM EST, Brent Crude had fallen to $54.78.

Tomorrow at 10:30am EST, traders will be hanging on the EIA data to see if it agrees with this week’s gasoline build as reported by the API.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • bill on April 19 2017 said:
    if this is all true then why did the price of gas jump .06 at the poumps overnioght here in the davenpott fl area

Leave a comment

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