The American Petroleum Institute (API) has estimated a staggering crude oil inventory draw of 11.1 million barrels for the week ending Aug 22, compared to analyst expectations of a 2.112-million barrel draw. The inventory draw this week adds onto last week’s draw in crude oil inventories of 3.45 million barrels, according to API data. The EIA estimated last week that there was an inventory draw of 2.7 million barrels. After today’s inventory move, the net draw for the year is 19.08 million barrels for the 35-week reporting period so far, using API data. Oil prices were trading up on Tuesday prior to the data release despite the appearance that the United States could be softening its stance on the Iranian nuclear deal and the subsequent oil exports that would be unleashed on the market in the rather unlikely event that the Iran vs. the West showdown wrap up in quick form. It also ignored news from China that it would seek to increase its domestic demand for products to weather the tariffs imposed by US strong-arming, indicating China’s future unwillingness to give up ground in the trade talks. At 4:30am EST, WTI was trading up for the week at $55.52. Brent was trading at $59.94. The API this week reported a 349,000-barrel draw in gasoline inventories for week ending Aug 22. Analysts predicted a draw in gasoline inventories of 388,000 barrels for the week. Distillate inventories fell by 2.5 million barrels for the week, while inventories at Cushing fell by 2.4 million barrels. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending August 15 stayed the same at 12.3 million bpd, just 100,000 bpd off the all-time high of 12.4 million bpd.
Nick Bit: they told you oil demand is falling and production is soaring. Well Ask them to unhook your dick or stop squeezing your titties. I HATE WHEN THEY DO THAT! Reality is INVENTORIES ARE FALLING! Please note despite all the BULLSHIT from the teleprompter analysts oil inventories are DOWN DOWN DOWN for the year!!!
COULD IT BE A ORGANIZED CONSPIRACY TO MAKE YOU STUPID…I REPEAT $100 OIL HERE WE COME. AND WHEN ISRAEL BOMBS THE SHIT OUT OF IRAN $250 OIL WILL BE REALITY. See full of shit trump… the “CHOSEN ONE And THE SELF PROCLAIMED “SECOND COMING OF GOD” is out to lunch and needs medical intervention! If left to his insanity he will let these dictators get nukes and missiles to land said nukes in your backyard… . Here is a news flash!! the JEWS most hated people on the planet do not have the luxury of sitting back and doing nothing. I am sorry the pompous pricks in your life are not telling you this but the war in the middle east is on. Its OK because no matter what your religion GOD, the gods, great spirit and Mohammad ALL warned you about this.