• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Could Someone Give Me Insights on the Future of Renewable Energy?
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 hours Bankruptcy in the Industry
LME's Russian Metal Ban Reshapes Global Trade Dynamics

LME's Russian Metal Ban Reshapes Global Trade Dynamics

The London Metal Exchange's ban…

The Global Economic System is Reaching Its Limits

The Global Economic System is Reaching Its Limits

The world's economic myths, especially…

WTI Spikes As Crude Inventories Fall

Crude oil inventories in the United States decreased this week by 4.382 million barrels, the American Petroleum Institute (API) data showed on Wednesday, after falling by 2.408 million barrels in the week prior as the IEA eyes a supply deficit in this half of the year.

Analysts were expecting a smaller 1.8-million-barrel draw in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is nearly 32 million barrels, according to API data, although the net draw in crude inventories since April is more than 15 million barrels.

On Monday, the Department of Energy (DoE) reported that it sold another 1.4 million barrels of crude in the week ending June 30 from the Strategic Petroleum Reserve (SPR), for the 14th consecutive weekly drop in the stockpile to a 40-year low of 347.2 million barrels.

The price of WTI and Brent were both trading up on Wednesday in the run-up to the data release after the market interpreted a new round of OPEC+ messaging as bullish.

By 7:14 p.m. EST, WTI was trading up 0.15%, at $71.90 per barrel—up $4 per barrel since last Tuesday, while Brent crude was trading up 0.52% at $76.65 in after-hours trading.

Gasoline inventories rose by 1.615 million barrels, nearly undoing the 2.85 million barrel dip in the week prior. Distillate inventories rose by 604,000 barrels, on top of the 777,000 barrel build in the week prior.

Crude oil production in the United States stayed at 12.2 million bpd for the week ending June 23, according to EIA data, matching the previous low for this year.

ADVERTISEMENT

Inventories at Cushing, Oklahoma, rose by 289,000 barrels, after rising 1.45 million barrels in the previous week.

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