The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.401 million barrels for the week ending Aug. 7.
Analysts had forecast a modest inventory draw of 2.875 million barrels.
Last week, the API reported a significant draw in crude oil inventories of 8.587 million barrels, as analysts had forecast a draw of less than half that size.
Despite oil prices rising earlier in the day on Tuesday onqzDDDDDDDDDDDDD, WTI was trading down Tuesday afternoon before the release of API data as prices remain in the OPEC hand range, but the picture of demand remains open with uncertainty, even as the number of new coronavirus cases in the United States are now falling.
Oil production in the United States now appears to be at rapid levels after falling from 13.1 million ppd on March 13 to 11.0 million bpd on July 31, according to the Energy Information Administration.
At 3:50 pm EDT on Tuesday, the WTI standard was down daily at $ 0.32 (-0.76%) to $ 41.62 – about $ 0.30 below last week’s levels. The pricing of a Brent barrel was also trading, at $ 0.44 (-0.98%), at $ 44.55 at about $ 0.20 per barrel this time last week.
The API reported a draw of 1.310 million barrels of gasoline for the week ending August 7 – compared to last week’s draw of 1.748 million barrels. This week’s draw compares to the analyst’s expectations for a 674,000-barrel draw for this week.
Distilled inventories fell 2.949 million barrels this week, compared to last week’s construction of 3.824 million barrels, while Cushing’s inventory was the only construction this week, gaining 1.073 million barrels.
At 4:33 p.m. EDT, WTI was trading at $ 41.55 while Brent was trading at $ 44.49.
By Julianne Geiger for Oilprice.com
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