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Oil inventories drop by more than expected 5.8M barrels last week: API

AuthorYasin Ebrahim
Published 11/15/2022, 04:35 PM
Updated 11/15/2022, 04:51 PM
© Reuters.

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 $86.80 a barrel following the report after settling up 1.2% at $86.92 a barrel. 

U.S. crude inventories fell by 5.8 million barrels for the week ended Nov. 11. That compared with a build of 5.6M barrels reported by the API for the previous week.

Economists were expecting a draw of just 400,000 barrels. 

API data also showed that gasoline inventories rose by about 1.7M barrels last week, and distillate stocks increased by 850,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 440,000 barrels last week.

Latest comments

will be fun for us to restock with dropping dollar
He's idiots can't count. apparently this has been going on a 50 years
Wooow ,, the people want much oil 😳
Going forward, oil storage will show big declines with every new report. The number in this report appeared despite 4 MB SPR release during the election week. Most likely, it was the last big release. Since the releases started, US commercial oil storage number increased by 25 Mb, while SPR decreased by 200 Mb. Any person familiar with basic math can make conclusions.
But I heard there was Demand Destruction from China’s Covid problems. Right Barani? Barani? It seems the commercial stockpiles are in a back and forth- So the SPR releases are the actual draws every week. Right Barani?
Also, the US Senate just voted 62-36 to terminate the Covid National Emergency. I think most Republicans voted to end it and there were also a few Democrats that voted yea to end the emergency. Now the measure will go to the House soon to be controlled by Republicans.
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