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Oil Inventories Fall by Less-Than-Expected 1.1M Barrels Last Week: API

Commodities Feb 15, 2022 04:41PM ET
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By Yasin Ebrahim

Investing.com - U.S. crude stockpiles fell less than expected last week, the API reported Tuesday, adding further pressure on oil prices following the easing of Russia-Ukraine tensions.     

West Texas Intermediate, the U.S. benchmark, traded at $91.91 barrel on the news, after settling down 3.6% at $92.07 a barrel.

U.S. crude inventories fell by 1.1 million barrels for the week ended Feb.11. That compared with a draw of 2.0 million barrels reported by the API for the previous week. Economists were expecting a draw of about 1.8 barrels. 

The API data also showed that gasoline inventories slipped by 923,000 barrels last week, and distillate stocks decreased by 546,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.6 million barrels last week.

 
Oil Inventories Fall by Less-Than-Expected 1.1M Barrels Last Week: API
 

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Comments (3)
Jim Herndon
Jim Herndon Feb 15, 2022 7:45PM ET
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No story there
Shep De
Shep De Feb 15, 2022 6:59PM ET
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LOL, after such big draws majority of 2022, what did you expect, esp. last week, , beat my zillions of barrels
Louis Lipps
Louis Lipps Feb 15, 2022 6:41PM ET
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Headline should read counter seasonal draws across the board.  Again.
 
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