Oil Remains Firm Despite Surprise Crude Build



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The American Petroleum Institute (API) reported a 1.93 million-barrel crude oil inventory build for the week ending March 22, reaching analysts' expectations of a 1.1 million-barrel tie.

Last week, the API reported a big surprise in crude oil of 2.133 million barrels. A day later, the EIA reported a much larger draw, estimating that oil stocks had fallen by 9.6 million barrels.

Including this week's data, the net compilation of only 430,000 barrels for the twelve reporting periods so far this year, using API data.

WTI was traded on Tuesday in the race for data entry at $ 59.94, an increase of $ 1.12 (+ 1.90%) on the day at 13:25. The Brent benchmark was trading at $ 67.43, an increase of $ 0.62 (+ 0.93%) at that time. While the WTI benchmark is trading higher at $ 0.70 a week, the Brent benchmark is trading below $ 0.15 a barrel.

Oil prices are still close to the four-month highs, with the WTI even breaking the $ 60 mark on Tuesday, while Saudi Arabia reaffirms its commitment to keep production cuts and suggests it is looking for at least $ 70. Still, economic concerns that threaten future oil demand serve as the current barrier to more price gains.

Related: Trump's last chance at subverting gasoline prices

The API this week reported a tie in gasoline stocks for the week ending March 22, worth 3.499 million barrels. Analysts have estimated a tie in gasoline inventories of 2.9 billion barrels for the week.

US crude oil production, estimated by the Energy Information Administration, showed that production for the week ending March 15 – the latest available data – has resumed its average of 12.1 million bpd – a record high for the United States United.

Distillate inventories decreased by 4,278 million barrels, compared to an expected consumption of 716,000 barrels for the week.

Crude oil inventories at the Cushing facility in Oklahoma increased by 688,000 barrels per week.

The US Energy Information Administration's report on crude oil inventories is due to be released on Wednesday at 10:30 p.m. HUSA.

At 1639, the WTI was trading at $ 60.04 and Brent was trading at $ 67.52.

By Julianne Geiger for Oilprice.com

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