Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Oil inventories drop by more than expected 4.8M barrels last week: API

Commodities Nov 22, 2022 05:04PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
CL
-2.62%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles fell much more than expected last week, though product inventories including gasoline increased, the API reported Tuesday. 

West Texas Intermediate, the U.S. benchmark, traded at $81.12 a barrel following the report after settling up 1.14% at $80.95 a barrel. 

U.S. crude inventories fell by 4.8M million barrels for the week ended Nov. 18. That compared with a draw of 5.8M barrels reported by the API for the previous week.

Economists were expecting a draw of 2.2M barrels. 

API data also showed that gasoline inventories declined by about 400,000 barrels last week, and distillate stocks increased by 1.1M barrels.

Sentiment on oil prices is in the midst of a tug of war between concerns about slowing demand from China -- the world's top energy importer, following renewed Covid restrictions in major cities including Beijing -- and optimism that major oil producers will continue with plans to cut productions. 

Saudi Arabia denied a Wall Street Journal report earlier this week that OPEC and its allies, known as OPEC+, were mulling a decision to boost production at upcoming Dec. 4, meeting.  

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.1M barrels last week.

Oil inventories drop by more than expected 4.8M barrels last week: API
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
Rubbing Hands
Rubbing Hands Nov 22, 2022 10:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
in their first paragraph they state gas inventories build and in the fourth paragraph they state gas inventories declined. idiocy!
Brad Albright
Brad Albright Nov 22, 2022 10:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Read for comprehension.
Me comment
Me comment Nov 22, 2022 10:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
since december 2021 oil inventories are up 18 million barrels so how can there be an oil shortage.
Brad Albright
Brad Albright Nov 22, 2022 10:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Who says there is an oil shortage?
John Berry
John Berry Nov 22, 2022 5:28PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
See you at $150
Ernie Keebler
Ernie Keebler Nov 22, 2022 5:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is an oil industry report believe it for what it is, they sure don't want oil to keep dropping for the holidays
Ernie Keebler
Ernie Keebler Nov 22, 2022 5:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is an oil industry report believe it for what it is, they sure don't want oil to keep dropping for the holidays
G D
G D Nov 22, 2022 5:24PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Biden just wanted to win the election, now prices go up again
Brad Albright
Brad Albright Nov 22, 2022 5:24PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Except that, here in the real world, prices are down substantially, so you'll gave to fabricate a new thing to blame Biden for.
mahmmad alshbenu
mahmmad alshbenu Nov 22, 2022 5:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yes
Don Getty
Don Getty Nov 22, 2022 5:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
end of spdr releases will make oil fly
Jay Lee
Jay Lee Nov 22, 2022 5:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yeah, oil price will remain above 80.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email