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Crude oil inventories jump 9.9 Mln barrels in latest API estimates

Published 02/14/2017, 04:50 PM
Updated 02/14/2017, 04:51 PM
© Reuters. API reports major crude build

Investing.com - Crude oil inventories jumped 9.94 million barrels the end of last week, more than expected, according to estimates from the American Petroleum Institute (API) on Tuesday. Gasoline stocks rose 720,000 barrels and distillate stocks increased by 1.5 million barrels.

Supplies at the Cushing oil hub fell by 1.3 million barrels.

Official data from the U.S. Energy Information Administration (EIA) is due on Wednesday. A poll of analyst sees crude oil inventories up 3.175 million barrels, while distillates and gasoline supplies were each seen down by 1.15 million barrels.

Last week, crude oil inventories in the U.S. jumped by 13.8 million barrels, the EIA said, a surprise above the expected 2.8 million barrels gain. Also last week, API reported a 14.23 million barrels build in crude stocks.

Latest comments

Isn't this interesting every time th the price of oil rises that th US inventories rise to drip the price. Nothing but greed again on part of the US to flood the country try with drilling activity, manipulate the market and drive prices down while other countries tries cut back.... How can we feel feel sorry for your impeding implosion of your economy when you are like this. I am speaking based on facts not how I feel.... Just to be clear. I hope you out a thousand rigs drilling and learn how to count t inventory
Wow...so you want u.s. companies to engage in price fixing...i don't see a problem with that..nice rant Mike
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