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Oil Stockpiles Dropped 8.6 Million Barrels: API

Published 08/04/2020, 04:27 PM
Updated 08/04/2020, 04:54 PM
© Reuters.

Investing.com -- Crude oil inventories fell for a second-straight week, according to the American Petroleum Institute.

The industry group estimated that stockpiles fell another 8.6 million barrels for the week ending August 1, after falling more than 6.8 million barrels the prior week. The estimate was looking for a decline of 3.3 million barrels. 

Crude Oil WTI Futures, the U.S. benchmark, rose 1.4% on Tuesday to $41.55 a barrel, and Brent Oil Futures crude, the international standard, rose 0.48%, to $44.35. Traders have been looking for signs that demand was returning to the market. The industry data comes out a day before the government's own report. The Energy Information Administration is scheduled to report last week's crude and distillate inventory on Wednesday at 10:30 AM ET (1430 GMT).

Currently, the estimate for EIA inventory is a draw of 3 million barrels last week, coming after a massive 10.6 million barrel draw the prior week.

Latest comments

Anyone can turn off rigs and pipelines to create an artificial supply demand. Turning them back on again isn’t as easy.
Its about demand and not supply. More withdrawals, less stockpile .
it literally is that easy.. rigs are all leased with extremely flexible contracts
Not quite true....its very risky to turn a well off you might not be able to get it flowing again. plus, it also costly to plug a well or stop it from flowing.
CPE & RIG....both had a good day today.
Great news!
no new drilling and the decline curve.
CAD will be stronger
MPC is about to explode
bullish play with market
My MRO is abiut to explode
Two weeks of a big draw is a pattern. Expect this to continue. Also its not supprising just look at the big decrease in rig counts. Expect another oil suprise of a big draw or an increase if alot of oil is still floating. Eventually itll catchup to this and i would never want to be on the short side of this when it flips on a dime in the $50 range. https://argus-public-assets-us.s3.amazonaws.com/2020/07/31/usrigcount31072020053033.jpg
until then I'll ride it to $50
Actual production numbers (which have been flat for a while) feed in to each week's inventory count, not rig counts.  Rig count changes might make a difference to inventories down the road.  It's wildly fluctuating import numbers (+/- 10 million barrels per week) that are driving the weekly inventory volatility recently.
Awesome!
Oil to 60 by october
after the elections
Bullish
Good
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