• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Does Toyota Know Something That We Don’t?
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 12 hours America should go after China but it should be done in a wise way.
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Warm Winter Drags U.S. Natural Gas Prices to Three-Decade Low

Warm Winter Drags U.S. Natural Gas Prices to Three-Decade Low

Warmer-than-average winter temperatures in the…

Major Crude Draw Offset By Jump In Gasoline Stocks

This week, the American Petroleum Institute (API) estimated the inventory draw for crude oil to be 6.432 million barrels, after analysts predicted a much smaller 3.40 million barrel draw.

U.S. crude inventories shed a total of some 75 million barrels over the course of 2021.

In the previous week, the API reported a draw in oil inventories of 3.09 million barrels after analysts had predicted a draw of 3.233 million barrels.

Oil prices were trading up on Tuesday in the run-up to the data release, after OPEC+ decided on Tuesday to increase its oil production quota by another 400,000 bpd—largely as expected. WTI was trading up 1.60% to $77.30 on the day at 10:45 a.m. EDT, but up $1.30 per barrel on the week. Brent was trading up by 1.58% at $80.23 on the day and up $1.20 on the week.  

U.S. oil production has been on a slow but steady climb.  For the week ending December 24—the last week for which the Energy Information Administration has provided data—crude oil production in the United States rose to 11.8 million bpd—an increase of 800,000 bpd since the start of the year.

The API reported a large build in gasoline inventories of 7.061 million barrels for the week ending December 31—after the previous week's 319,000 barrel draw.

Distillate stocks saw an increase in inventory of 4.340 million barrels for the week, after last week's 716,000-barrel decrease. Cushing saw a 2.268 million-barrel increase this week.

ADVERTISEMENT

At 4:36 pm, EST, WTI was trading at $77.07, with Brent trading at $80.07.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on January 04 2022 said:
    See what the EIA says tomorrow.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News