• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 8 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 14 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 8 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 3 days Are you aware of Oil Price short videos on our energy topics?
  • 3 days NordStream2
  • 2 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT

Breaking News:

California Gasoline Prices Are Spiking

Surprise Inventory Draw Fails To Move Oil Markets

The American Petroleum Institute (API) estimated on Tuesday a surprise crude oil inventory draw of 421,000barrels for the week ending March 13, as the hustle and bustle of everyday life in the United States slows, taking a chunk of oil demand with it.

Today’s inventory draw was expected to be a build of 2.933-million-barrels.

In the previous week, the API estimated a large crudebuild in crude oil inventories of 6.407-million barrels, while the EIA’s estimates were more bearish, reporting a largerbuild of 7.7 million barrels for the week.

Oil prices were trading down on Tuesday afternoon prior to the API’s data release, highlighting the still difficult oil price environment stemming from the coronavirus and exacerbated by the oil price war that Russia and Saudi Arabia are waging. As crude oil is facing a difficult demand environment, Saudi Arabia, Russia, and the UAE are all planning to unleash a flood of cheap crude on the market, sparking concern.

At 2:07 pm EDT on Tuesday the WTI benchmark was trading down on the day by $0.60 (-2.09%) at $28.10down nearly $6 week on week. The price of a Brent barrel was also trading down on Tuesday, by $0.65(+2.05%), at $31.04down by roughly $7 week on week.

The API reported a large draw of 7.834 million barrels of gasoline for week ending March 13, after last week’s 3.09-million-barrel draw. This week’s draw compares to analyst expectations for a 3.0-million-barrel draw for the week.

Distillate inventories were also down, by 3.625 millionbarrels for the week, compared to last week’s 4.679-million-barrel draw, while Cushing inventories rose by 66,000 barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending March 06 slipped back to 13.0 million bpd.

At 4:42 pm EDT, WTI was trading at $26.85 while Brent was trading at $30.29.

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