Oil Inventories Rise by 1.0M Barrels Last Week: API By Investing.com

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Oil Inventories Rise by 1.0M Barrels Last Week: API

Commodities Sep 20, 2022 04:43PM ET

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Oil Inventories Rise by 1.0M Barrels Last Week: API

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles increased by less than expected last week, the API reported Tuesday, adding to expectations for slowing energy demand into the end of the year as global growth stutters.

West Texas Intermediate, the U.S. benchmark, traded at $84.09 a barrel following the report after settling down 1.5% at $84.45 a barrel.

U.S. crude inventories rose by 1.0 million barrels for the week ended Sept. 16. That compared with a build of 6.0 million barrels reported by the API in the previous week. Economists were expecting an increase of about 2.3 million barrels.

As well as slowing demand, crude prices have also been hurt by expectations that the U.S. will release more petroleum from its strategic reserves through November.

The U.S. said Monday it would sell an additional 10 million barrels of oil from its strategic reserves in November.

The API data also showed that gasoline inventories increased by 3.2 million barrels last week, and distillate stocks rose by 1.5 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by 2.2 million barrels last week.

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Warm Camp Sep 20, 2022 4:51PM ET

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1M rise in storage, while government releases 8+M from SPR, is bullish.

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Warm Camp Sep 20, 2022 4:51PM ET

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lake Tenn Last couple of weeks it went to more than 1M/day. Total weekly releases went over 8M and, assuming it is done on workdays only, it is more like 1.6-1.8M/day. It does not work very well, and so they increase the amount. It is not too much time left before the elections.

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Oil Inventories Rise by 1.0M Barrels Last Week: API

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