Oil Prices Inch Closer To $90 On Surprise Crude Draw

Related stories

Ganduje: Why are they resigning?

By Bola Bolawole turnpot@gmail.com 0807 552 5533 (Published in my TREASURES...

OPEC Reports a Global Oil Production Decline in 2024

Global crude oil production declined by 1% last year,...

IMF Warns FG to Overhaul 2025 Budget to Prevent Economic Meltdown

By Abiola Olawale The International Monetary Fund (IMF) has issued...

2027: Peter Obi Vows, Says ADC Coalition ‘ll prioritize Nigerians’ Welfare

By Abiola Olawale The 2023 Presidential candidate of the Labour...

Tragedy! Liverpool Star Diogo Jota Dies in Car Crash in Spain

He was 28 years old By Abiola Olawale In a...

The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 2.025 million barrels after analysts predicted a build of 675,000 barrels.

U.S. crude inventories shed some 78 million barrels since the start of 2021, and about 21 million barrels since the start of 2020.

In the week prior, the API reported a draw in crude oil inventories of 1.645 million barrels after analysts had predicted a build of 1.833 million barrels.

Oil prices were trading down on Tuesday in the run-up to the data release on renewed fears that Iran and the United States could be close to a nuclear deal that could unleash more legal barrels of oil from the currently sanctioned nation.

WTI was trading down 2.15% at $89.36 on the day at 12:32 p.m. EST but still up roughly $1 per barrel on the week. Brent crude was trading down by 2.18% at $90.67 on the day.

U.S. oil production has reversed its upward trend in the last few weeks. For the week ending January 28—the last week for which the Energy Information Administration has provided data—crude oil production in the United States slipped another 100,000 bpd to 11.5 million bpd. This is down 1.6 million bpd from the pre-pandemic era.

This week, the API reported a draw in gasoline inventories at 1.138 million barrels for the week ending February 4—compared to the previous week’s 5.816 million barrel build.

Distillate stocks saw a decrease in inventory of 2.203 million barrels for the week, after last week’s 2.508 million barrel decrease. Cushing saw a 2.502 million-barrel decrease this week in what could trigger another wave of worry. Cushing inventories stood just above 30 million barrels as of January 28—down from 60 million barrels at the start of 2021, and down from 37 million barrels at the end of 2021.

At 4:36 pm, EST, WTI was trading at $89.53, with Brent trading at $91.00.

NB: Julianne Geiger wrote this article for Oilprice.com

Julianne Geiger
Julianne Geigerhttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Ganduje: Why are they resigning?OPEC Reports a Global Oil Production Decline in 2024IMF Warns FG to Overhaul 2025 Budget to Prevent Economic Meltdown2027: Peter Obi Vows, Says ADC Coalition 'll prioritize Nigerians’ WelfareTragedy! Liverpool Star Diogo Jota Dies in Car Crash in SpainFamily Announces Burial Date of Ex-Kwara Governor, Cornelius AdebayoSex Scandal: Baltasar Engonga, Ex-Equatorial Guinea Anti-Corruption Boss Bags 18 YearsFormer AGF Abubakar Malami Dumps APC, Joins ADCIt’s Another Big Brother Season Of DistractionsYou must marry me and my children, By Funke Egbemode[VIDEO] Drama as Burglar is Caught in Overnight Heist at FCMB Branch in Imo2027: Why Peter Obi Proposed a Single-Tenure to Atiku, David Mark, Others -Obidient Movt RevealsOkpebholo vs Asue Ighodalo: Anxieties as Supreme Court Reserves Judgment on Edo Governorship Election Case2027 Election Battle Rages as Gen David Mark Quits PDP, Leads Coalition Against TinubuOil Markets Refocus on OPEC as Iran-Israel Conflict Cools
X whatsapp