Oil Markets Unimpressed By Small Crude Products Draw

The API on Tuesday August 17, 2021, accounted that a pull in inventories of Crude oil of 1.163 million barrels for the current week that ended on August 13, 2021, getting the net 2021 Crude drag till now to more than 56 million barrels.

Analysts had anticipated a loss of approximately 1.259 million barrels for the present week.In the last week, the API accounted a pull of 816,000 barrels in oil inventories— a loss less than the 1.050 million barrel pull, which experts had projected.The price of a WTI barrel had dropped earlier on August 17, 2021 — summing up the fourth day of successive losses and the biggest loss streak so far since March 2021.WTI had a loss of more than 1% on afternoon of August 17 moving ahead to the data release.

WTI was being traded at USD66.58 at 3:00 p.m. EST— at a loss of USD.50 on the day and the loss of USD2 per barrel in the week. Bren Crude oil was being traded at USD69.20 with a drop of 0.45%.As U.S. Crude oil stocks persist their decrease, U.S. oil production has gradually increased to 11.3 million bpd now which was at 11 million bpd in the beginning of 2021.

The API accounted a pull of 1.1979 million barrels in gasoline inventories for the week that ended on August 13— in comparison with the earlier week’s 1.114-million-barrel draw.Distillate stocks witnessed an elevation of 502,000 barrels in inventories this week in comparison with last week’s increase of 673,000-barrel. Cushing inventories dropped by 1.735 million barrels for this week, right after 413,000-barrel decrease in last week.