Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Oil Inventories Fell by 3 Million Barrels Last Week: API

Published 03/29/2022, 04:34 PM
Updated 03/29/2022, 04:47 PM
© Reuters.

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles dropped more than expected last week, helping oil prices cut some losses after pressure from progress on Russia-Ukraine talks eased worries about a prolonged war disrupting supplies.      

West Texas Intermediate, the U.S. benchmark, traded at $105.28 barrel following the report, after settling $1.72 cents lower $104.24 a barrel.

U.S. crude inventories fell by 3 million barrels for the week ended March. 24. That compared with a draw of 4.3 million barrels reported by the API for the previous week. Economists were expecting a decline of about 1.6 million barrels. 

Russia's pledge to scale back military operations around Ukraine's capital Kyiv stoked hopes for further progress on peace, easing fears about a prolonged war disrupting energy supplies.   

The API data also showed that gasoline inventories fell by 1.4 million barrels last week, and distillate stocks decreased by 215,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1 million barrels last week.

 

Latest comments

thanks for the article 👍
No do the SPR! Haha. I’ll do it for you. -10.6 million bbls in March, -9.4 million bbls in Feb, and - 5.4 million bbls in January. Wowza. No demand destruction here. If anything I’d bet that’s due to record demand. Here comes my energy crisis… right on time.
Hello Andrew, hope all's well. There's a clear ramp-up by refiners worried they might get caught later without adequate supply. That explains the crude take up that's been well above seasonal numbers. I'd keep watching gasoline to see if we get blowout after blowout numbers each week. At $4 plus a gallon at the pump, and groceries being at least 50% up since the start of the year, regular people are really being stretched, that much I know. Well, maybe you are not of those regular joes who have to worry about putting food on the table.
Install Our App
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.