• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 7 minutes The Painful Death of Coal
  • 11 minutes Forecasts for Natural Gas
  • 2 mins 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 10 mins U.S. Presidential Elections Status - Electoral Votes
  • 18 hours .
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Сryptocurrency predictions
  • 22 hours *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 13 mins Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 3 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 12 hours How US Capitalism Uses Nationalism
  • 22 hours Joe Biden's Presidency
  • 4 days European gas market to 2040 according to Platts Analitics

WTI Prices Unmoved By Small Crude Draw, Gasoline Build

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 3.608 million barrels for the week ending April 9.

Analysts had predicted a draw of 2.889 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 2.618 million barrels after analysts had predicted a smaller draw of 1.436-million barrels.

Enbridge tanks at main Cushing area as of April 9.

Oil prices were trading up on the day prior to the data release as OPEC’s Monthly Oil Market Report suggested a higher figure for 2021 oil demand than in its March report, along with reports of strong Chinese import data and increasing tensions in the Middle East.

At 3:06 p.m. EDT, WTI traded at $60.34, or 1.07% higher on the day and $1 per barrel higher than this time last week. Brent crude traded up at $63.85 per barrel or 0.90% up on the day.

While inventories of crude oil are falling, U.S. oil production slipped below 11 million bpd to 10.9 million bpd during the week ending April 2, according to the latest data from the Energy Information Administration, although the EIA’s prognosis is for a modest increase in U.S. production in May.

The API reported a build in gasoline inventories of 5.565 million barrels for the week ending April 9—after the previous week's 4.553-million-barrel build. Analysts had expected a 786,000 barrel build for the week.

Distillate stocks saw a decrease in inventories this week of 3.006 million barrels for the week, after last week's 2.810-million-barrel increase.

Cushing inventory figures rose by 917,000 barrels.

Post data release, at 4:41 p.m. EDT, the WTI benchmark was trading at $60.35, while Brent crude was trading at $63.86 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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