• 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
  • 41 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 4 hours Even Shell Agrees with Climate Change!
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 12 days Does Toyota Know Something That We Don’t?
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Exxon Threatens to Derail Chevron's Acquisition of Hess

Exxon Threatens to Derail Chevron's Acquisition of Hess

Exxon is challenging Chevron's acquisition…

WTI Spikes On Large Draw In Gasoline Inventories

The American Petroleum Institute (API) reported a small build this week for crude oil of 567,000 barrels.

The draw comes even as the Department of Energy released 6 million barrels from the Strategic Petroleum Reserves in Week Ending May 20.

U.S. crude inventories have shed some 75 million barrels since the start of 2021 and about 18 million barrels since the start of 2020, according to API data.

In the week prior, the API reported a draw in crude oil inventories of 2.445 million barrels after analysts had predicted a build of 1.533 million barrels.

Oil prices had a modicum of calm on Tuesday, with WTI trading flat with 0% movement from Monday at $110.30 per barrel on the day at 11:21 a.m. ET—down roughly $4.50 per barrel on the week. Brent crude was trading up 0.20% on the day at $113.70—and down nearly $1 per barrel on the week, with the spread between the two benchmarks now completely evaporated.

U.S. crude oil production rose to 11.9 million bpd in the week ending May 13. Crude production in the United States is down 1.2 million barrels per day from pre-pandemic times.

This week, the API reported a large draw in gasoline inventories of 4.223 million barrels for the week ending May 20—on top of the previous week's 5.102-million-barrel draw.

Distillate stocks also saw a draw in inventory, of 949,000 barrels for the week compared to last week's 1.075-million-barrel increase.

Cushing saw a 731,000-barrel draw this week. Cushing inventories crashed to 25.839 million barrels in the week prior, as of May 13, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.

ADVERTISEMENT

At 4:36 pm, ET, WTI was trading down at $109.80 (-0.41%), with Brent trading up at $113.50 (+0.05%).

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