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The American Petroleum Institute (API) has announced a surprise draw of 2.6 million barrels of crude oil inventories for the week ending March 8, which is largely contrary to analysts' forecasts that stockpiles Crude oil would increase by 2.65 million barrels.
Last week, API announced a major surprise in crude oil construction of 7.29 million barrels. A day later, the EIA confirmed that the IPA had made a significant gain, estimating that crude stocks had increased by 7.1 million barrels.
If we take into account this week's data, the net drawdown is only 640,000 barrels for the ten reporting periods so far this year, using API data.
(Click to enlarge)
Oil prices were up slightly on Tuesday before the release of data indicating that Saudi Arabia would continue to restrict exports to the United States and that Venezuela's status was getting even worse with a power outage that halted exports to the United States. already restricted exports from its main terminal. Neither factor has been enough to push prices up too high, while oil production in the United States continues unabated.
The WTI's benchmark at 2:32 pm EST was traded upwards from $ 0.09 (+ 0.14%) to $ 56.87, a roughly stable week. The Brent benchmark was trading up $ 0.07 (+ 0.11%) to $ 66.65, also stable from one week to the next.
Related: Is it a precursor to peak demand for oil?
The IPA announced this week a significant draw of 5.8 million barrels in gasoline stocks for the week ending March 1st. Analysts have estimated a draw in gasoline inventories of 2.532 million barrels for the week.
US crude oil production estimated by the Energy Information Administration has shown that week production ending March 1 – the latest available information – has been maintained at an average of 12.1 million barrels per day – the latest in a long series of high records for the United States.
Distillate stocks increased by 195,000 barrels, compared to a projected run of 1.858 million barrels for the week.
Crude oil inventories at Cushing Generating Station (Oklahoma) decreased by 1.1 million barrels for the week.
The US Energy Information Administration's report on crude oil inventories is due to be released Wednesday at 10:30 am IS.
At 4:41 pm EST, WTI traded at $ 56.93 and Brent at $ 66.71.
By Julianne Geiger for Oilprice.com
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