• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 1 hour Satellite Moons to Replace Streetlamps?!
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 40 mins U.S. Shale Oil Debt: Deep the Denial
  • 18 hours EU to Splash Billions on Battery Factories
  • 23 mins The Dirt on Clean Electric Cars
  • 1 hour Owning stocks long-term low risk?
  • 2 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
  • 1 day The Balkans Are Coming Apart at the Seams Again
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 13 hours The end of "King Coal" in the Wales
Goldman Sachs: This Is The Next Big Risk For Oil

Goldman Sachs: This Is The Next Big Risk For Oil

Goldman Sachs commodities expert Jeffrey…

Are Natural Gas Prices Set To Spike?

Are Natural Gas Prices Set To Spike?

Natural gas inventories have plunged…

Surprise Crude Draw Lifts Hope For Oil Market

Cushing

The American Petroleum Institute (API) reported a small draw of 907,000 barrels of United States crude oil inventories for the week ending February 16, according to the API data. Analysts had expected a small build of 1.333 million barrels in crude oil inventories, instead.

Last week, the American Petroleum Institute (API) reported a build of 3.947 million barrels of crude oil, along with a build in gasoline inventories of 4.634 million barrels.

This week’s data is more optimistic, with the API reporting not only a surprise draw for crude oil, but a modest gasoline build of 1.468 million barrels, which was largely in line with analyst forecasts that had the build pegged at a 1.229-million-barrel build.

The WTI and Brent benchmarks both down on Wednesday with WTI trading down $0.32 (-0.52 percent) at $61.47, while Brent trading down $0.24 (-0.37 percent) at $64.81 at 12:07pm EST. Both benchmarks are up from this same time last week, largely on OPEC jawboning that its production cuts may extend beyond 2018. Still, the threat of the U.S. shale boom is limiting prices.

U.S. crude oil production for week ending February 9 was up this week, coming in at 10.271million bpd, yet another new high.

Distillate inventories saw a fairly large draw of 3.563 million barrels. Analysts had forecast a smaller decline of 1.633-million-barrels.

Inventories at the Cushing, Oklahoma, site decreased by 2.644 million barrels this week.

The U.S. Energy Information Administration report on oil inventories is due to be released on Thursday at 11:00am. EST—a one day delay due to the President’s Day holiday in the United States.

By 4:42pm EST, the WTI benchmark was trading down 1.12 percent on the day to $61,10 while Brent was trading down 0.52 percent on the day at $64.71.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment
  • Johnny on February 22 2018 said:
    With clearly upward of world economy,on current rate of 3%-4% per year,I will not be surprised if oil deficit on the market occurs.

Leave a comment

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