The American Petroleum Institute (API) reported Tuesday a 9.517 million-barrel draw for crude oil stocks for the week ending Sept. 11.
Analysts had predicted a draw of 1.271 million barrels.
In the previous week, the API reported a draw in crude oil inventories of 2.970 million barrels, after analysts had predicted a minor pull of 1.335 million barrels.
Oil prices rose on Tuesday afternoon before the API’s data release, but rising prices only come after a brutal trading day the day before, as oil prices fell to their lowest levels since June.
In the hours leading up to Tuesday̵
Oil production in the US rose during the first week of September from the week before, but it is still markedly down from a high level of 13.1 million bpd on 13 March. US oil production is currently at 10.0 million bpd, according to the Energy Information Administration – 3.1 million bpd below highs in March.
The API reported a build-up of 3.762 million barrels of gasoline for the week ending Sept. 4 – compared to last week’s pull of 6,892 million barrels. Analysts had expected a much smaller haul of 160,000 barrels a week.
Distillate stocks fell by 1.123 million barrels for the week compared to last week’s 2.293 million barrels, while Cushing’s stocks fell by 798,000 barrels.
16:37 EDT traded the WTI benchmark at $ 38.24, while Brent Crude oil traded at $ 40.53.
By Julianne Geiger for Oilprice.com
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