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Breaking: Oil Inventories Jump by 8.42m Barrels Last Week: API

Published 06/09/2020, 04:44 PM
Updated 06/09/2020, 04:52 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles rose last week, according to an estimate released Tuesday by the American Petroleum Institute.

The API said crude inventories increased by 8.42 million for the week ended June. 5. 

Analysts expect that the Energy Information Administration will report a draw of 1.74 million barrels when it issues numbers tomorrow morning. The EIA numbers are due at 10:30 AM ET (14:30 GMT).

Inventories at the Cushing, Oklahoma, hub fell by 2.28 million barrels.

U.S. crude oil futures were up 0.47% following the release, after settling up 1.96% at $38.94 a barrel Tuesday in regular trading.

Latest comments

Donnie is lost when it comes to energy.. Much like he's lost in foreign policy and human decency..
ignore the negatives post. they are hoping to continue shorting but have no idea that TRUMP is determined to raise everything back and he is winning already
ignore the negatives post. they are hoping to continue shortibg but have no idea that TRUMP is determined to raise every back and he is winning already
🤩
i think matt likes what he sees... not what he reads
Inventories will drop when more states get back to business.Crude is already selling for 39.00+ Where is the Strategic reserve supply at in terms of numbers? Anybody know
By what mechanism is the fed feeding money into oil futures?
I've always considered this a worthless report due to the typically large variation from the EIA report.
let's wait for the EIA report tomorrow
I don't understand the contradiction. API says oil inventories increased by 8 million barrels last week, but inventories in Oklahoma fell by 2 million barrels. Are they just talking in circles?
I wonder why, perhaps no jobs and no money,? 😆
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