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The American Petroleum Institute (API) has announced a significant drawdown of 8,129 million barrels of crude oil for the week ending July 4, while analysts expected a draw of less than 3.081 million barrels.
Last week, the IPA announced a draw of 5 million barrels. A day later, the EIA estimated a much smaller inventory withdrawal of 1.1 million barrels.
The net compilation is only 13.56 million barrels for the 28-week reporting period since the beginning of this year, using API data.
Oil prices rose on Tuesday as the market grows increasingly suspicious of growing tensions in the Middle East that continue to threaten global crude transport.
At 16:01 EST, WTI increased from 0.31 USD (+ 0.54%) to 57.97 USD – less than 1 USD compared to last week – a surprisingly low rise considering the tumultuous period in the Middle East. East. Brent traded down $ 0.17 (+ 0.27%) to $ 64.28, up almost $ 1 from the same period last week
The IPA announced this week a draw for gasoline inventories of 257,000 barrels for the week ending July 4th. Analysts have estimated a larger drawdown of gasoline stocks of 1.301 million barrels for the week.
Distillate stocks increased by 3.690 million barrels for the week, while inventories at Cushing decreased by 754,000 barrels.
United States crude oil production estimated by the Energy Information Administration showed that production for the week ending June 28th edged up slightly to 12.2 million bpd, barely 200,000 bpd from a record 12, 4 million bpd.
The US Energy Information Administration's report on crude oil inventories is scheduled to be released on Wednesday at 10:30 am. IS.
At 4:37 pm EST, WTI traded at $ 58.05, while Brent traded at $ 64.34.
By Julianne Geiger for Oilprice.com
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