Oil Prices Unmoved By Small Crude, Gasoline Build

The American Petroleum Institute (API) reported a build this week for crude oil of 1.860 million barrels, while analysts predicted a build of 333,000 barrels.The build comes as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending July 15, to 480.1 million barrels.U.S. crude inventories have shed some 61 million barrels since the start of 2021, with a 1.83 million barrel gain since the start of 2020, according to API data.In the week prior, the API reported a build in crude oil inventories of 4.762 million barrels after analysts had predicted a draw of 1.933 million barrels.

WTI was trading up on Tuesday as fears of the tight market over take recession fears—at least for today. WTI was trading up 1.32% on the day at 2:09 p.m. ET in the runup to the release at $104 per barrel—a rise of roughly $8.50 on the week. Brent crude was trading up 1.02% on the day at $107.30—a nearly $8 rise on the week.U.S. crude oil production data for the week ending July 8 slipped by 100,000 bpd to 12 million bpd, according to the latest EIA data.  The API also reported a build in gasoline inventories this week of 1.290 million barrels for the week ending July 15, compared to the previous week’s 2.927-million-barrel build.

Distillate stocks saw a draw of 2.153 million barrels for the week, compared to last week’s 3.262-million-barrel increase.Cushing inventories rose by 523,000 barrels this week, on top of last week’s build of 298,000. Official EIA Cushing inventories for week ending July 8 was 21.646 million, up slightly from 21.330 in the prior week.At 5:05 pm, ET, WTI was trading up at $103.80 (+1.17%), with Brent trading up at $107.20 (+0.86%).By Julianne Geiger for Oilprice.comMore Top Reads From Oilprice.com:

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