The American Petroleum Institute (API) on Tuesday reported a drop in crude oil inventories of 5.8 million barrels for the week ending February 12.
Analysts had forecast an inventory draw of 2.429 million barrels for the week.
In the previous week, the API reported a drop in oil inventories of 3.5 billion barrels after analysts had forecast an accumulation of 985,000 barrels.
Oil prices rose Tuesday before the data was released, supported by the impact of freezing temperatures in parts of the United States, including Texas, which caused production outages in a number of oil-producing countries.
As of 3:17 pm EDT, prior to the release of Tuesday’s data, WTI was up $ 1.15 on the day (+ 1.92%) to $ 61.20, nearly a $ 3 increase over to this date last week.
The benchmark Brent crude index had risen $ 1.07 on the day at the time (+ 1.69%) to $ 64.41, also nearly $ 3 for the week.
US oil production rose 100,000 barrels a day to 11 million bpd, according to the Energy Information Administration.
The API reported an increase in gasoline inventories of 3.9 million barrels for the week ended February 12, after increasing 4.810 million barrels from the previous week. Analysts had expected a build of 1.397 million barrels for the week.
Distillate stocks experienced a decline of 3.5 billion barrels during the week, after declining 487,000 barrels last week.
Fill levels of the Enbridge tanks in South Cushing as of Friday 12 February.
Cushing’s inventories fell 3.00 million barrels. Last week, inventories held at Cushing decreased by 1,378 million barrels. “According to Tuesday’s measurement, Enbridge shares have fallen more than 2 million bbl since Friday, February 5,” Dan Schnurr, co-founder of Geospatial Insight, told Oilprice.
After the data was released, at 4:40 p.m. EDT, the benchmark WTI was trading at $ 61.25, while Brent crude was trading at $ 64.45.
By Julianne Geiger for Oilprice.ocm
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