Monday, January 30, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home crude

Rising Crude, Oil Products Inventories Weigh On Oil Prices

6 days ago
in crude
Rising Crude, Oil Products Inventories Weigh On Oil Prices
Share on FacebookShare on Twitter


Crude oil inventories rose by 3.378 million barrels, American Petroleum Institute (API) data showed on Tuesday.

U.S. crude inventories increased 13 million barrels last year, according to API data, while crude stored in the nation’s Strategic Petroleum Reserves sunk by 221 million barrels. This week, SPR inventory held steady for the second week in a row at 371.6 million barrels as the emergency releases that the Biden Administration announced last spring are now complete. The SPR now contains the least amount of crude oil since early December 1983.

Oil prices were trading down on Tuesday in the runup to the data release. At 3:49 p.m. EST, WTI was trading down $1.48 (-1.81%) on the day to $80.14 per barrel—a weekly increase of roughly $1 per barrel. Brent crude was trading down $2 (-2.27%) on the day at $86.19—a weekly increase of about $1.50 per barrel.

U.S. crude oil production stayed at 2.2 million bpd for the second week in a row for week ending January 13—it is the highest production rate since last August. U.S. production is still  900,000 bpd lower than the peak production seen in March 2020.

WTI was trading at $80.12 shortly after the data release.

Gasoline inventories rose by 620,000 barrels after last week’s API data showed the fuel inventories rising by 2.8 million barrels last week. Distillates fell 1.929 million barrels after falling by 1.8 million bpd in the week prior.

Inventories at Cushing, Oklahoma, increased by 3.378 million barrels on top of the 3.7-million barrel hike reported last week.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:





news.google.com

Latest Oil News

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023
German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

January 27, 2023
Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

January 26, 2023
Tags: APICrudeDistillatesDownstreamGasolineInventoriesoilpricesproductsRefiningrisingweigh
Previous Post

French Authorities Hunt for Source of Plastic Pellet Spill

Next Post

From Iraqi oilfields to Tory HQ: how Nadhim Zahawi mixed business and politics

Related Posts

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

by Oil Market News
January 29, 2023
0

Comment on this storyCommentRussia spent almost 50 years building its energy market in Europe. President Vladimir Putin destroyed it in under...

Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

by Oil Market News
January 28, 2023
0

WorldLatin AmericaPresident Gustavo Petro says climate change threatens mankind, economists say oil is critical for growth news.google.com

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

by Oil Market News
January 27, 2023
0

Germany saw an increase in crude oil import volumes of 11.1% during the first ten months of last year, new...

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

by Oil Market News
January 26, 2023
0

Europe is buying more diesel from the United States and Saudi Arabia in preparation of the EU ban on seaborne...

Opinion | Should the Strategic Petroleum Reserve Be Used Now?

Opinion | Should the Strategic Petroleum Reserve Be Used Now?

by Oil Market News
January 25, 2023
0

In an interview Tuesday, Khanna praised the Biden administration’s big sales of oil, which shaved off the highs, as well...

Closing prices for crude oil, gold and other commodities

Closing prices for crude oil, gold and other commodities

by Oil Market News
January 23, 2023
0

The Associated Press Benchmark U.S. crude oil for March delivery rose 31 cents to $81.62 a barrel Monday. Brent crude...

Next Post
From Iraqi oilfields to Tory HQ: how Nadhim Zahawi mixed business and politics

From Iraqi oilfields to Tory HQ: how Nadhim Zahawi mixed business and politics

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Why Oil Stocks Are Surprisingly Rallying Today

Why Oil Stocks Are Surprisingly Rallying Today

3 months ago
Looking Ahead to Legislature’s December “Special Session” on Oil Profits –

Looking Ahead to Legislature’s December “Special Session” on Oil Profits –

3 months ago
Red Rock Resources PLC completes mineral resource estimate at Mikei Gold Project

Red Rock Resources PLC completes mineral resource estimate at Mikei Gold Project

9 months ago
Indexes Rally and Notch Weekly Gains

Indexes Rally and Notch Weekly Gains

3 days ago
Oil Prices On Course For A Third Consecutive Weekly Loss

Oil Prices On Course For A Third Consecutive Weekly Loss

2 months ago
ADVERTISEMENT
Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market Highlights: FDA backtracks on cannabis oil, and 5 ASX small caps to watch

January 29, 2023

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023

Crude Oil

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023
German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

January 27, 2023
Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

January 26, 2023

Investing

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023
U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023
ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

January 26, 2023

Market

Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 2023
Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023
Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023

OPEC

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.