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Oil Inventories in Surprise 3.6M Barrel Rise Last Week: API

Yasin Ebrahim/Investing.comCommodities
Published Sep 07, 2022 04:40PM ET Updated Sep 07, 2022 04:48PM ET
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By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles increased last week, the API reported Wednesday, confounding economists' forecasts for a decline and adding to worries that slowing global growth is chipping away at energy demand.  

West Texas Intermediate, the U.S. benchmark, traded at $81.77 a barrel following the report after settling down 5.7% at $81.94 a barrel.

U.S. crude inventories rose by 3.6 million barrels for the week ended Sept. 2. That compared with a build of 593,000 barrels reported by the API in the previous week. Economists were expecting a decline of about 733,000 barrels.

The API data also showed that gasoline inventories fell by 836,000 barrels last week, and distillate stocks decreased by 1.8 million barrels.

The official government inventory report due Thursday is expected to show weekly U.S. crude supplies fell by about 250,000 barrels last week.

Oil Inventories in Surprise 3.6M Barrel Rise Last Week: API
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Comments (10)
Jean Staples
Jean Staples Sep 07, 2022 10:16PM ET
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This is just another example of misleading information coming from different sources. Every Wednesday the US government has been releasing more oil from its strategic reserves. Do the math. Why are oil inventories low before Wednesday and then they suddenly rise on Wednesday? Another prime example of the continuous ongoing manipulation of the stock market against the average retail investor.
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Barani Krishnan
Barani Krishnan Sep 07, 2022 10:16PM ET
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Go bark up the API tree.
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Kelly Mayer
Kelly Mayer Sep 07, 2022 6:38PM ET
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Historic reserves depletion. Shizz will hit the fan after the elections. Around Feb-March
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Vito Tagliano
Vito Tagliano Sep 07, 2022 6:32PM ET
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Energy Sector Oil and Gas going to be Bullish until 2024
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Yasmin Zania
Yasmin Zania Sep 07, 2022 6:32PM ET
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But in fact .. why oil go down ..? Any idea
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randy hancock
randy hancock Sep 07, 2022 6:21PM ET
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Everyone is making lots of $$$ with WTI in the $ 80's, and this relief from the crazy $ 110- $ 120 WTI  we saw earlier will help prevent a global recession.   I'd like to see $ $ 95 - $ 100 again as I own oil stocks but those prices would encourage more drilling, whereas low to mid $ 80's will not be so encouraging.   All good I say   :)
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Nat Nguyen
Nat Nguyen Sep 07, 2022 6:18PM ET
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Is it because of Energy Secretary Granholm's action per this article: U.S. energy secretary urges refiners not to increase fuel exports  on August 29. This is right after Saudi Prince announcing that OPEC+ can reduce oil output.
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Kelly Mayer
Kelly Mayer Sep 07, 2022 6:18PM ET
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R.I.P. Europe.
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randy hancock
randy hancock Sep 07, 2022 6:16PM ET
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WTI has reached the bottom and will be staying in this $ 80's area and moving modestly higher in the weeks to come.
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Andrew Ulferts
Andrew Ulferts Sep 07, 2022 5:33PM ET
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Gonna be fun to see the retribution from OPEC for all of this shorting. They warned against shorting oil. Here come the fireworks, just when the SPR tap closes! BOOOOOM!
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Meru Pet
Meru Pet Sep 07, 2022 5:26PM ET
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ahahah
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Royce Murph
Royce Murph Sep 07, 2022 5:17PM ET
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Typical Biden article.  You forgot to include that the Bid Administration released 7.5 million barrels last week..  Clearly that more than offsets the 3.5M build, now doesn't it..  Pathetic..
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Barani Krishnan
Barani Krishnan Sep 07, 2022 5:17PM ET
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Thanks but before you counsel me, let's talk about what's "news", shall we? The news here is what the API has reported. And this is what we got, nothing more, nothing less: Crude: 3.645M; Cushing: -0.772M; Gasoline: -0.836M Distillate: 1.833M. This is the "news" from API today. Nothing more, nothing less. Whatever else there is to say about PAST INVENTORY DATA, including on SPR, we have reported in the PREVIOUS WEEK in as timely a fashion as possible, upon release by the EIA. Once we get tomorrow's EIA number, we will report the SPR outflow in that. GOT IT? I'm not sure how much more simpler I can make it to your constituency that this is how we report API and EIA data and there is absolutely no other doomfook reason for that.
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Michael Lombardino
TxTrdr456 Sep 07, 2022 5:17PM ET
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it's dishonest. The facts are what matter, not talking points. US inventory is "building" because of a release from SPR, which cannot be sustained. What happens when that stops? THAT is the real story/discussion we should be having.
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Michael Lombardino
TxTrdr456 Sep 07, 2022 5:17PM ET
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US inventory is "building" because of a release from SPR, which cannot be sustained. What happens when that stops? That is the real story/discussion we should be having.
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Michael Lombardino
TxTrdr456 Sep 07, 2022 5:17PM ET
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US inventory is "building" because of a release from SPR, which cannot be sustained. What happens when that stops? That is the real story/discussion we should be having.
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Barani Krishnan
Barani Krishnan Sep 07, 2022 5:17PM ET
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Go and bark at the API tree then, not at Investing's, mate. We only report the latest data that's available.
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Sep 07, 2022 5:16PM ET
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Cooking the books with SPR flow…in other words..
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Don Getty
Don Getty Sep 07, 2022 5:16PM ET
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yup its going to be so funny come oct. when the EU Rus oil cutbacks go into effect and no spdr releases - once the election happens oil is going to start a major reversal
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Andrew Ulferts
Andrew Ulferts Sep 07, 2022 5:16PM ET
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They think they’ll blame republicans after the red tsunami. But Elephants. Never. Forget.
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