Crude Prices Unmoved By Small Crude Build As Gasoline Inventories Drop

Crude Prices Unmoved By Small Crude Build As Gasoline Inventories Drop

Crude oil prices moved little today after the US Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to June 10. This compared with a build of 2 million barrels for the previous week. In fuels, the EIA estimated a mixed picture. Gasoline inventories, according to the EIA, … Read more

Oil Prices Unmoved After API Reports Small Crude Build

Oil Prices Unmoved After API Reports Small Crude Build

The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10. US crude inventories have shed some 74 … Read more

Oil Jumps After EIA Confirms Large Crude Inventory Draw

Oil Jumps After EIA Confirms Large Crude Inventory Draw

Crude oil prices rose further after the Energy Information Administration reported today an inventory draw of 5.1 million barrels for the week to May 27. This compared with a draw of 1 million barrels for the previous week. At 414.7 million barrels, US crude oil inventories are some 15 percent below the five-year average for … Read more

Oil Prices Drop On Unexpected Crude Inventory Build

Oil Prices Drop On Unexpected Crude Inventory Build

Crude oil prices fell slightly today after the US Energy Information Administration estimated oil inventories had added 1.3 million barrels during the week to April 29. At 415.7 barrels, the EIA said, inventories were 15 percent below the five-year average for this time of the year. Last week’s build compared with a modest build of … Read more

API Shows Large Crude Inventory Drawdown

API Shows Large Crude Inventory Drawdown

The American Petroleum Institute (API) reported a larger-than-anticipated draw this week for crude oil of 3.479 million barrels, compared to analyst predictions of a 1.167 million barrel draw. US crude inventories have shed some 73.5 million barrels since the start of 2021 and about 17.5 million barrels since the start of 2020. In the week … Read more

US Fuel Exports Are Draining Domestic Diesel And Gasoline Supplies

US Fuel Exports Are Draining Domestic Diesel And Gasoline Supplies

Domestic supplies of gasoline and diesel in the United States are dwindling as record volumes of fuel are being exported from the Gulf Coast, BNN Bloomberg reports. Citing Vortexa tracking data, Bloomberg said that up to 2.09 million bpd of gasoline, diesel, and jet fuel shipped out of the Gulf Coast last month. That rate … Read more

Falling Inventories Could Stifle US Plans To Help Europe Replace Russian Oil

Falling Inventories Could Stifle US Plans To Help Europe Replace Russian Oil

The US energy industry has taken its role of savior of Europe seriously. After boosting LNG exports to a record because of Europe’s thirst for energy, oil exports from the US are now on the rise, as well, but the trend may not be sustainable. Reuters’ John Kemp wrote in a recent column that the … Read more

Oil Prices Fall On Larger Than Expected Crude Inventory Build

Oil Prices Fall On Larger Than Expected Crude Inventory Build

The American Petroleum Institute (API) reported a surprise build this week for crude oil of 4.784 million barrels, compared to analyst predictions of a much smaller 600.000 barrel build. US crude inventories have shed some 71 million barrels since the start of 2021 and about 14 million barrels since the start of 2020. In the … Read more

US Crude Futures Are Growing Increasingly Bullish

US Crude Futures Are Growing Increasingly Bullish

In yet another bullish indicator for US oil markets, the price of WTI crude oil futures for June settlement have notched $0.14 higher to settle at $102.19. The May contract, set to go off the market today, also gained slightly to settle at $102.75, good for a 0.19% increase. Once again, the crude markets recorded … Read more

Unexpected Crude Draw Fails To Move Oil Prices

Unexpected Crude Draw Fails To Move Oil Prices

The American Petroleum Institute (API) reported a surprise draw this week for crude oil of 4.496 million barrels, compared to analyst predictions of a 2.533 million barrel build. US crude inventories have shed some 76 million barrels since the start of 2021 and about 19 million barrels since the start of 2020. In the week … Read more