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Oil Inventories Fell by 8.5M Barrels Last Week: API

CommoditiesJun 15, 2021 04:49PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles fell last week and fuel inventories like gasoline continue to build at a time when many continue to bet on a strong summer of demand for energy as international travel gathers steam.  

West Texas Intermediate, the benchmark for U.S. crude prices, was up 2.23% to $72.46 a barrel on the news, after settling up up 1.75% to $72.12 a barrel.

U.S. crude inventories fell by 8.5 million barrels for the week ended June 10, according to an estimate released Tuesday by the American Petroleum Institute. That compared with a draw of 2.1 million barrels reported by the API for the previous week.

The API also showed that gasoline inventories rose by about 2.9 million last week, compared with a 2.4 million build in the prior week, and distillate stocks rose by about 2.0 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies declined by about 3.3 million barrels last week.

Oil Inventories Fell by 8.5M Barrels Last Week: API
 

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Comments (5)
Sean Livingstone
Sean Livingstone Jun 16, 2021 8:17AM ET
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It's time to open up more oil rigging to fill up more jobs and to lower gas prices.
Vlad Lozovskiy
Vlad Lozovskiy Jun 15, 2021 9:36PM ET
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Biden is a failed communist.  Pay more at the pump.
Filipe Pereira
Filipe Pereira Jun 15, 2021 5:42PM ET
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less stock then Higher price
Jim Herndon
Jim Herndon Jun 15, 2021 5:26PM ET
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You are right Lonnie !
Lonnie Shelton
Lonnie Shelton Jun 15, 2021 4:55PM ET
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Oil industry reporting and management is a joke. period. there is much more I would like to say but I will leave it at that.
Max German
7Max7 Jun 15, 2021 4:55PM ET
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it is for a reason that chevron dont bring out data they even admit that both agencies rigging the data
JD Samson
JD Samson Jun 15, 2021 4:55PM ET
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wish so much the activist slant on things would not be everyday.
masoom raza
masoom raza Jun 15, 2021 4:55PM ET
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Fake reports
Your Broker
Your Broker Jun 15, 2021 4:55PM ET
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I see a bunch of poor short sellets frustrated with their losses.
Ehighobo Emmanuel
Ehighobo Emmanuel Jun 15, 2021 4:55PM ET
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