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The American Petroleum Institute (API) has announced that its crude oil inventories will rise to 1.26 million barrels for the week ending February 15, which is in line with the expectations of analysts, who were banking on an inventory increase of 3.080 million barrels.
Last week, API announced a brutal but unexpected draw of 998,000 barrels. A day later, the EIA announced an increase of 3.6 million barrels.
Oil prices traded higher on Tuesday, as WTI rose from $ 0.80 (+ 1.42%) to $ 57.25, while the Brent benchmark was up from 0.68 USD (+ 1.02%) to 67.13 USD. Both indexes rose sharply this week as oilers dare to bet on a trade resolution between China and the United States and that, as OPEC data indicate, Saudi Arabia is willing and able to reduce its production as promised, and even more. The decline in oil production in Venezuela is another bullish factor.
The IPA this week has reported a draw for gasoline stocks for the week ending February 15 in the amount of 1.55 million barrels. Analysts have estimated gasoline inventories at 350,000 barrels a week.
US crude oil production estimated by the Energy Information Administration has shown that week-end production ending February 8th – the latest information available – averaged 11.9 million barrels per day in the United States. the fifth week in a row.
Stocks of distillates declined this week by 758,000 barrels, compared with an expected draw of 1.691 million barrels.
Crude oil inventories at Cushing (Oklahoma) increased by 3.24 million barrels for the week.
The US Energy Information Administration's report on crude oil inventories is scheduled for Thursday at 11 am IS.
At 4:40 pm Eastern Time, WTI was trading at $ 57.20 and Brent at $ 67.02.
By Julianne Geiger for Oilprice.com
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