The latest data from the American Petroleum Institute for the week ending on 14th July, showed an increment of 1.63 million barrels after a drop of 8.13 million barrels last week. Markets were expecting a drop of around 3.0 million barrels for the week, with the Petroleum Institute going back to register an expected increase in the inventories. Gasoline showed a drop of 5.45 million barrels after a drop of 0.8 million last week. The distillation inventories showed a drop of 2.9 million barrels after a rise of 1.2 million earlier.
The fuel data had a great influence in reducing the pressure on the market and balancing the main data, especially with optimism that the draw on gasoline should help support the use of refineries and support the demand on crude oil.
The Cushion inventories showed a rise by 0.61 million barrels, which was the first in 15 weeks.
Oil prices made net profits on Tuesday, settling at the end right below $46.50 per barrel for the WTI crude. The supply and demand factors were in close balance with the weak dollar, which provided strong support for the prices during the day. The prices moved from around $46.45 per barrel before the data, to $46.60 per barrel for a very brief period, before dropping sharply towards $46.10, and settling around $46.26 in a volatile environment.
The Energy Information Administration will publish its inventory data today, Wednesday, which will have a great effect on all levels. The US Department of Energy expected a rise in the Shale Oil production in August for the 8th consecutive month, and the markets are expecting an addition rise in the weekly production.