The American Petroleum Institute (API) reported a bigger-than-expected draw for crude this week of 3.479 million barrels, compared to analyst forecasts of a 1.167 million barrel draw.
US crude inventories have shed about 73.5 million barrels since the beginning of 2021 and about 17.5 million barrels since the beginning of 2020.
A week ago, API reports a surprise drop in crude oil inventories 4.784 million Barrel after barrel analysts had predicted a build-up of 2.167 million barrels.
Surveyed by Analysts and Traders wall street journal U.S. oil reserves are forecast to drop by 200,000 and gasoline reserves by 300,000 barrels as of early today.
Of the 11 analysts surveyed by the WSJ, seven are predicting a decrease and four an increase in crude inventories.
They also expect the distillate to record a deficit of up to 1.5 million barrels.
Crude oil prices continued to rise on Tuesday after the European Union’s latest sign that it is preparing to impose oil sanctions on Russia.
China COVID lockdowns continue to put downward pressure on benchmarks, temporarily reversing price gains, but upward potential remains substantial, especially after BP CEO Bernard Looney told Reuters He expected Russian oil losses to double from 1 million bpd to 2 million bpd this month.
WTI was trading down 2.51% at $102.50 a barrel at 4:30 p.m. EST — and down about 2% in the week. Brent crude was trading 3.63% higher at $105.90 per barrel, down 2.31 per cent from Monday.
API generated 4.50 million . also reported a draw in the gasoline inventory of barrel for the week ended April 29 – following the previous week’s draw of 3.91 million barrels.
4.457 million in distillate shares. saw a decline in the inventory of barrel for the week, compared to an increase of 431,000 barrels the previous week.
Cushing saw a build-up of 0.978 million barrels this week. according to this EIA data Since April 22, Cushing’s inventory increased to 27.450 million barrels—down from 59.2 million barrels in early 2021 and down from 37.3 million barrels at the end of 2021.
By Julian Geiger for Oilprice.com
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