The American Petroleum Institute (API) estimated on Tuesday a surprise large crude oil inventory draw of 4.27 million barrels for the week ending January 24, compared to analyst expectations of a 482,000-barrel build in inventory.
Last week saw a build in crude oil inventories of 1.57 million barrels, according to API data. The EIA’s estimates, however, were of a draw of 400,000 barrels for that week.
Oil prices were up earlier in the day prior to the afternoon data release, ending a five day price slide as fears of oil demand destruction at the hands of the deadly Coronavirus gripped the oil markets.
Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US and West Newton in the UK.