• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 16 hours What China is Learning from Russia's War in Ukraine and its Consequences
  • 6 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 1 day Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 4 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
Tin Supply Is Running Dangerously Low

Tin Supply Is Running Dangerously Low

The tin market is dangerously…

Is The World Meeting Its Climate Pledges?

Is The World Meeting Its Climate Pledges?

Six months ago, the world…

Surprise Crude Oil Build Thwarts Price Rally

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 2.970 million barrels for the week ending September 4.

Analysts had predicted an inventory draw of 1.335-million barrels.

In the previous week, the API reported a draw in crude oil inventories of 6.360 million barrels, after analysts had predicted a smaller draw of 1.887 million barrels.

Oil prices were trading up on Tuesday afternoon before the API’s data release, but the rising prices come only after a brutal trading day in the day prior when oil prices sunk to their lowest levels since June.

A half-hour before the data release, at 4:00 pm EDT, WTI had risen by $1.32 (+3.59%) to $38.08. While up significantly on the day, WTI is still trading nearly $5 per barrel under last week’s levels. The Brent crude benchmark had risen by $0.97 at 4:00 pm (+2.44%) to $40.75—also nearly $5 per barrel under last week’s levels

Oil production in the United States fell sharply for the last week in August, still down significantly from a high of 13.1 million bpd on March 13. U.S. oil production currently sits at 9.7 million bpd as of August 28, according to the Energy Information Administration—3.4 million bpd under March highs.

The API reported a large draw in gasoline inventories of 6.892 million barrels of gasoline for the week ending August 28—compared to last week’s 5.761-million-barrel draw. Analysts had expected a much smaller 2.384-million-barrel draw for the week.

Distillate inventories were up by 2.293 million barrels for the week, compared to last week’s 1.424-million-barrel draw, while Cushing inventory rose by 2.608 million barrels.

At 4:33 pm EDT, the WTI benchmark was trading at $38.00 while Brent crude was trading at $40.70.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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