The American Petroleum Institute (API) reported a surprise draw this week for crude oil of 1.770 million barrels, while analysts predicted a build of 333,000 barrels. U.S. crude inventories have grown by roughly 21 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly eight times that figure. The draw comes … Read more
The American Petroleum Institute (API) reported a build this week for crude oil of 1.035 million barrels, while analysts predicted a bigger build of 2.321 million barrels. The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in the week ending September 16, leaving the SPR with 427.2 million barrels. In the week prior, the API reported a … Read more
The American Petroleum Institute (API) reported a slight build this week for crude oil of 593,000 barrels, while analysts predicted a draw of 633,000 barrels. The build comes as the Department of Energy released a massive 8.1 million barrels from the Strategic Petroleum Reserves in the week ending August 26, leaving the SPR with just … Read more
Oil prices didn’t extend gains today after the Energy Information Administration reported a crude oil inventory decline of 3.3 million barrels for the week to August 19. This compared with a draw of 7.1 million barrels estimated for the previous week by the Department of Energy agency. One day before, the American Petroleum Institute had … Read more
Oil prices climbed higher today after the U.S. Energy Information Administration reported a crude oil inventory draw of 2.8 million barrels for the week to June 24. A day earlier, the American Petroleum Institute estimated an inventory draw of 3.8 million barrels for the week to June 24, after reporting its biggest oil inventory build … Read more
The American Petroleum Institute (API) reported a large draw this week for crude oil of 3.799 million barrels, while analysts predicted a draw of 110,000 barrels. The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in Week Ending June 24. U.S. crude inventories have shed some 71 … Read more
By Charles Kennedy – Jun 24, 2022, 11:00 AM CDT Biden met on Thursday with industry leaders to boost offshore wind capacity. Oil refiners, in the meantime, were summoned to meet with Secretary Granholm. Granholm’s meeting with U.S. refiners didn’t lead to any commitments from either side. U.S. President Joe Biden … Read more
After a brief hiatus, the oil price rally is back on track. Crude oil closed with its seventh straight weekly gain thanks to tight fuel supplies sustaining bullish sentiment. After a brief fall on Friday following news that U.S. inflation surged to a fresh 40-year high, WTI crude rebounded to end the week with a … Read more