February 24, 2024

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Oil prices tick up with inventory draw across the board


The American Petroleum Institute (API) on Tuesday reported a huge draw of 5.147 million barrels on the crude oil list for the week ended November 6.

Analysts have just predicted a list draw 913,000 barrels.

In the previous week, the API reported a surprisingly large draw on the oil list at 8.01 million barrels, after analysts estimated production at 890,000 barrels per week.

Oil prices traded on Tuesday afternoon ahead of the release of API data, with major media outlets calling for a US presidential election for Joe Biden and for OPEC +, suggesting that the current round of production cuts could be extended beyond January. This week saw an increase in oil production in Libya and additional lockdowns in Europe.

In a run-up to Tuesday’s data release, EDT and WTI rose $ 1.07 (+ 2.66%) to $ 41.36 at 3:57 p.m. Brent crude rose 21 1.21 (+ 2.85%) to $ 43.61 during the day, up more than $ 3 a barrel during the week.

Oil production fell last week, bouncing between 9.7 million bpd and 11.1 million bpd, continuing its viewing activity. U.S. oil production is present 10.5 million According to BPD, Energy Information Administration.

The API reported a draw of 3.297 million barrels of gasoline in the gasoline inventory for the week ended November 6, compared to 2.45 million-barrel production in the previous week. Analysts asked 263,000-barrel Draw the week.

Distilled inventories were down 5.619 million barrels per week, compared to last week’s 577,000-barrel draw, while Cushing’s inventories were down 1.17 million barrels.

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At 4:42 pm ETT, the WTI benchmark is trading at $ 41.61 and the Brent crude is trading at $ 43.85.

By Julian Geiger for Oilprice.com

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