Sign Up Today and become a Gas Wizards member where you can earn Gas Wizard Gems redeemable for Gas Cards, Food, Beverages, T-Shirts and whole bunch more by entering gas prices in your area for Regular, Mid-Grade, Premium and Diesel.

Learn more

Gas Wizards News Posts

Crude Oil Price Collapses Through Key Supports: More to Go?

Jul 6, 2019 by Administrator

Crude Oil Price Collapses Through Key...

Russia, Iran Face Backlash Over Oil Shipments To Syria

Jun 2, 2019 by Administrator

Russia, Iran Face Backlash Over Oil Shipments...

Alaska Sees Record Breaking Year For Oil And Gas Leases

Nov 24, 2018 by Administrator

Alaska Sees Record Breaking Year For Oil And...

View All News Postings →

Oil Trades Flat After API Reports Major Crude Draw

Posted on Sep 16, 2018 by Administrator

Oil Trades Flat After API Reports Major Crude Draw

 

oilfield

The American Petroleum Institute (API) reported a crude oil inventory draw of 6 million barrels of United States crude oil inventories for the week ending Aug 4, compared to analyst expectations that this week would see a draw in crude oil inventories of 3.33 million barrels.

Last week, the American Petroleum Institute (API) reported a build of 5.59 million barrels of crude oil.

The API reported a build in gasoline inventories for week ending Aug 4 in the amount of 3.1 million barrels. Analysts predicted a draw of 1.7 million barrels.

 

Oil prices were trading up modestly on Tuesday prior to the release of the API data on inventories, and failed to move much after data release, with WTI trading up 0.12% (+$0.08) at $69.09 per barrel, with Brent crude trading up 1.02% (+$0.75) at $74.50 per barrel as continued trade tensions with China persist and as the United States levied the first round of sanctions on Iran, with the promise of more to come in November. Muddying the waters is the mystery surrounding Saudi Arabia oil production figures which some say was up in July and others say was down

US crude oil production as estimated by the Energy Information Administration came off last week's new high of 11 million bpd, settling back down to 10. 9 million bpd this week, based on weekly estimates provided by the EIA.

Distillate inventories were up this week—by 1.8 million barrels, compared to an expected build of 220,000 barrels. Inventories at the Cushing, Oklahoma site decreased this week by 576,000 barrels.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30a.m. EDT.

By Julianne Geiger for Oilprice.com

No tags added.