⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Oil inventories fall by 3.1M barrels Last Week: API

Published 05/14/2024, 05:19 PM
© Reuters.

Investing.com -- U.S. crude stockpiles fell more than expected last week, the API reported Tuesday, in a sign of improving demand.   

Crude Oil WTI Futures, the U.S. benchmark, traded at $78.45 a barrel following the report after settling down at $78.02 a barrel.

U.S. crude inventories  fell by about 3.1 million barrels for the week ended May. 10, compared with an build of 509,000 barrels reported by the API for the previous week. Economists were expecting a decrease of 1.1M barrels. 

The API data also showed that gasoline stockpiles fell by 1.3M barrels, while distillate inventories increased by 349,000 barrels. 

The data come as some continue to remain bearish on oil prices, warning of weakness ahead amid concerns about non-OPEC supply growth. 

"After 2Q, we expect oil will become bearish as a result of NOPEC supply growth, decreasing OPEC+ space capacity and softer-than-anticipated demand due to persistent inflation," Macquarie said in a recent note.

The official government inventory report is due Wednesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.