The American Petroleum Institute (API) on Tuesday reported a mark in crude oil inventories of 4,401 million barrels for the week ending August 7.
Analysts had forecast a modest inventory drawing of 2,875-million tons.
Last week, the API reported a man-made drawing in crude oil inventories of 8.587 million barrels, after analysts had a draw less than half that size.
Despite rising oil prices earlier in the day onqzDDDDDDDDDDDDDDD, WTI traded on Tuesday afternoon before the API data release, as prices remain range-bound as OPEC cuts deliver, but demand demand remains volatile. uncertainty, even as the number of new coronavirus cases in the United States drops now.
Oil production in the United States now appears to be leveling after falling from 13.1 million bpd on March 13 to 11.0 million bpd on July 31, according to the Energy Information Administration.
At 3:50 a.m. EDT on Tuesday, the WTI benchmark on the day rose by $ 0.32 (-0.76%) to $ 41.62 – about $ 0.30 below last week’s levels. The price of a Brent barrel also traded, by $ 0.44 (-0.98%), at $ 44.55 – down about $ 0.20 per barrel this time last week.
The API reported a pull of 1.310 million tonnes of gasoline for the week ending August 7 – compared to last week’s 1.748 million barrel drawings. This week’s draw compares with analysts ’expectations for a 674,000-barrel draw for the week.
Distillation inventories were down by 2.949 million tons for the week, compared to the construction of 3.824 million tons from last week, while Cushing inventory was the only construction this week, gaining 1,073 million tons.
At 4:33 pm EDT traded WTI at $ 41.55 while Brent traded at $ 44.49.
By Julianne Geiger for Oilprice.com
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