News

OIL PRICES RISE AFTER API REPORTS VERY LARGE CRUDE DRAW

20190711_125924The American Petroleum Institute (API) reported a huge crude oil inventory draw of 8.129 million barrels for the week ending July 4, compared to analyst expectations of a smaller 3.081-million barrel draw.

 

Last week, the API reported a draw of 5 million barrels. A day later, the EIA estimated a much smaller inventory drawdown of 1.1 million barrels.

 

The net build is just 13.56 million barrels for the 28-week reporting period so far this year, using API data.

 

1562705096-o_1dfc7mrg813biliq6uk14nst2i8Oil prices were up on Tuesday as the market grows increasingly leery of the mounting tensions in the Middle East that continue to threaten the world’s transport of crude.

 

At 4:01pm EST, WTI was trading up by $0.31 (+0.54%) at $57.97—less than a $1.00 over last week’s levels—a surprisingly low rise given the tumultuous times in the Middle East. Brent was trading down $0.17 (+0.27%) at $64.28—up almost $1 over this time last week.

 

The API this week reported a 257,000-barrel draw in gasoline inventories for week ending July 4. Analysts estimated a larger draw in gasoline inventories of 1.301-million barrels for the week.

 

Distillate inventories grew by 3.690 million barrels for the week, while inventories at Cushing fell by 754,000 barrels.

 

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending June 28 rose slightly this week to 12.2 million bpd, just 200,000 bpd off the all-time high of 12.4 million bpd.

 

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

 

By 4:37pm EST, WTI was trading at $58.05 while Brent traded at $64.34.

 

By Dominic C. Odoh

 
Click to Follow DcoGlobalNews.com

DCO Global News Contacts: For information on Press Releases, News, Advertisements, Videos, Photos, Events happenings, Promotional Events and Adverts, Share your stories with us, Please Call or Send a Text to our Whatsapp number; +886963563485, +886970840314.

Or send an email to; chionikdom02@yahoo.com, emydom29@gmail.com

(Like and Follow our Facebook Page; DCO Global News)

(Follow us on Twitter; @Dcoglobalnews)

(Follow us on LinkedIn; Dco Global News)

(Follow us on Tumblr; Dcoglobalnews)

(Follow us on Google +; Dco Global News TV)

(Subscribe to our YouTube Channel; DCO Global News TV)
Subscribe to DCO Global News. Advertise with us. Send us enquiries, press releases.
DCO Global News Promotes the Values of Democracy, Human Rights, Values of Life and Freedom of Expression in a Region Where Genuine Media Freedom Remains Elusive and where many Media outlets remain Divided along Ethnic Lines.

Let’s 🚶 Walk   the 🚶  Walk 🚶   Together.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s