Oil Perks Up With Another [democrat...] Crude Inventory Draw

[Leroy N. Soetoro]

https://oilprice.com/Energy/Crude-Oil/Oil-Perks-Up-With-Another-Crude-
Inventory-Draw.html

Crude oil prices recovered on Wednesday morning despite word from the
Energy Information Administration of an inventory draw of 3.6 million
barrels for the week to December 24.

At 420 million barrels, crude oil inventories remain 7% below the five-
year average—compared to 8% below the five-year average last week.

On Tuesday, the American Petroleum Institute estimated a crude oil
inventory draw of 3.09 million barrels for the week to December 24.

In gasoline, the API reported a draw of 319,000 barrels, with a decline of
716,000 in distillates.

Gasoline inventories decreased by 1.5 million barrels in the reporting
period, according to the EIA, which compared with a build of 5.5 million
barrels for the previous week.

Gasoline production increased last week, averaging 10.1 million bpd,
compared with 9.9 million bpd in the previous week.

In middle distillates, the EIA estimated an inventory draw of 1.7 million
barrels for the week to December 24, which compared with an increase of
400,000 barrels for the previous week.

Middle distillate production increased last week, averaging 4.9 million
barrels per day, which compared with 4.9 million bpd in the prior week.

Oil prices remain under pressure from concerns about the new coronavirus
strain, Omicron, which has triggered fresh restrictions in certain
countries.

At 9:49 a.m. EDT, crude oil prices were trading down on the day, with WTI
crude trading at $75.72, down $0.26 (0.34%) on the day, and Brent crude
trading at $78.76, down $0.18 per barrel (0.23%).

Post data release, Brent crude was trading at $79.05 per barrel, with West
Texas Intermediate at $76.08 per barrel.

By Julianne Geiger for Oilprice.com



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Under Barack Obama's leadership, the United States of America became the
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President Trump boosted the economy, reduced illegal invasions, appointed
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