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Oil Inventories Fall by 1M Barrels Last Week, Gas Stockpiles Jump: API

Commodities Jan 11, 2022 04:52PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles fell less than expected last week and product inventories including gasoline jumped pointing to weaker fuel demand, according to data from the American Petroleum Institute released Tuesday.        

West Texas Intermediate, the U.S. benchmark, traded at $81.27 barrel on the news, after settling up 3.5% at $83.72 a barrel.

U.S. crude inventories fell by about 1.0 million barrels for the week ended Jan.7. That compared with a draw of 6.4 million barrels reported by the API for the previous week. Economists were expecting a draw of about 2.0 million barrels. 

The API data also showed that gasoline inventories increased by 11 million barrels last week, and distillate stocks increased by 3.0 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.9 million barrels last week.

 
 
Oil Inventories Fall by 1M Barrels Last Week, Gas Stockpiles Jump: API
 

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Comments (6)
Kochar Bipin
Kochar Bipin Jan 11, 2022 7:16PM ET
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To only way to combat soaring energy and metal prices is to add fresh capacity in these sectors.
Louis Lipps
Louis Lipps Jan 11, 2022 6:18PM ET
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Demand has clearly taken a hit due to Omicron.  It's 100% Omicron but those gasoline builds.  Ugh.  20 million past two weeks.  Gasoline inventories were so tight before this new variant.  It'll work itself out but can't say gasoline is very tight right now.  Largest holdings by far are refiners for me so this is concerning.  I could easily see another few weeks of builds like this too.
Robert Murphy
Robert Murphy Jan 11, 2022 6:18PM ET
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Oil Futures and Gasoline futures are two different index’s
Walter Rikhotso
Walter Rikhotso Jan 11, 2022 5:22PM ET
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Whats the next move for USDCAD guys are we gonna see a push to the upside soon or what?
Walter Rikhotso
Walter Rikhotso Jan 11, 2022 5:20PM ET
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so in other means the canada is gonna be strong probably due to this news effects guys. but anyways lets see how the dollar is gonna perform due to the CPI.
Barani Krishnan
Barani Krishnan Jan 11, 2022 5:14PM ET
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API says gasoline stocks up 11 mln bbls last week. In the previous week, the EIA reported in excess of 10 million barrels. Not sure what the EIA will say tomorrow. But let's first push crude up by another $5 before that, shall we? Some excellent "demand" here, right? :))
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Andrew Ulferts
Andrew Ulferts Jan 11, 2022 5:14PM ET
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Barani Krishnan You guys are doing a fine job. There is more info that we use to asses demand, that was my point. I apologize for the tone. Thx for dialogue.
Andrew Ulferts
Andrew Ulferts Jan 11, 2022 5:14PM ET
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Barani Krishnan Someone I follow elsewhere had an onteresting point- he thinks there has been an emergency push to stockpile finished product because supply isn’t keeping up. We shall see. I’m still waiting for the energy crisis I was promised.
Barani Krishnan
Barani Krishnan Jan 11, 2022 5:14PM ET
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Andrew Ulferts  Thanks much. Your courtesy is remarkable, unlike many of the commentators on this site. Bests, mate.
Andrew Ulferts
Andrew Ulferts Jan 11, 2022 5:14PM ET
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Barani Krishnan of course. So I just saw the EIA data for last week, sure enough, decent SPR release, as always, imorts were over 1 million bbl, and exports were down over 4 million bbl on the week. All that said, we still had a draw of 4.5 million bbl. I think we are going to need to start drilling at a faster rate this year or we will see that crisis after all.
Andrew Ulferts
Andrew Ulferts Jan 11, 2022 5:14PM ET
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Barani Krishnan Sorry for all of the typos, I’m in a hurry.
Ñí Høly
Ñí Høly Jan 11, 2022 4:59PM ET
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cool kbx
 
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