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Oil Inventories Fell by 8.2M Barrels Last Week: API

Commodities Jun 29, 2021 04:48PM ET
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By Yasin Ebrahim

Investing.com - U.S. crude stockpiles fell for the sixth-straight week, according to an estimate released Tuesday by the American Petroleum Institute.    

West Texas Intermediate, the benchmark for U.S. crude prices, was up 0.7% to $73.47 a barrel on the news, after settling up 0.5% to $73.31 a barrel.

U.S. crude inventories fell by 8.2 million barrels for the week ended June 24. That compared with a draw of 7.2 million barrels reported by the API for the previous week.

The API also showed that gasoline inventories rose by about 1.3 million last week, compared with a 1.0 million build in the prior week, and distillate stocks rose by about 400,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies declined by about 4.7 million barrels last week.

Oil investors await Thursday's meeting of major oil producers, who are expected to ease crude production curbs.

"[W]e believe they will answer the call to put more barrels on the market, potentially increasing supply by between 500 kb/d and 1 mb/d starting in August," RBC said in a note. "The new monthly meeting structure provides the producer group much needed flexibility and we think they will signal their willingness to adjust output as needed on a go forward basis."

 

Oil Inventories Fell by 8.2M Barrels Last Week: API
 

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Fred Smith
Fred Smith Jun 29, 2021 8:59PM ET
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24MM barrel drop in 3 weeks. Oil up maybe $2. Energy hatred still keeping prices low. Greenies please turn off A/C and save earth!
perplexed76 .
perplexed76 . Jun 29, 2021 8:59PM ET
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drop because low demand in the US, all 24 were sold to China
Bill Cooper
Bill Cooper Jun 29, 2021 8:59PM ET
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You must be a true Democrat!
New Jazenevd
New Jazenevd Jun 29, 2021 6:07PM ET
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Oil was low in Trump years not because OPEC was kind. It was low because US produced lot of oil. Now, with Biden committed to help, OPEC will get rewarded finally with very high oil price.
 
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