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Oil Inventories Rise by 3.3M Barrels Last Week: API

Published 10/19/2021, 03:46 PM
Updated 10/19/2021, 04:58 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles rose more than expected last week at a time when investor jitters about the energy-supply crunch persist.           

West Texas Intermediate, the benchmark traded at $82.78 a barrel on the news, after settling up 1.5% at $85.32 a barrel.

U.S. crude inventories increased by 3.3 million barrels for the week ended Oct. 15. That compared with a build of 5.2 million barrels reported by the API for the previous week. Economists were expecting a build of about 2.2 million barrels.

The API also showed that gasoline inventories fell by about 3.5 million last week, and distillate stocks declined by about 3.0 million barrels.

The official government inventory report due Thursday is expected to show weekly U.S. crude supplies increased by about 1.9 million barrels last week.

Latest comments

is this going to drive the oil prices higher or lower?
Oil finished products, gasoline and distillates, inventory dropped by 6.5 M barrels while raw oil inventory increases 3.3 M. Which number is bigger? Perhaps, a person, who wrote the title for the article, is not a big fan of basic math.
 Perhaps, erroneous “money-shot” headlines caused some folks, aka headline readers, to miss current rally in oil stocks.
 Our headlines are in consonance with market practices, expectations. We aren't responsible for anyone's losses/gains -- that's the responsibility of the individual; we've no skin in the game, you probably know that. With everything that's going on in the energy space, if someone missed this rally, then they probably shouldn't be trading.
 I reiterate what I told NJ above: Our headlines are in consonance with market practices, expectations. There's nothing disingenuous about a headline that's factual; i.e. oil inventories actually rose by 3.3 million barrels last week. If there's something lacking, it's the description of the oil we're talking about and that's crude. I'll speak to the team to reinforce that going forward, the API and EIA headlines should have "crude" in their description. On a related point, we have published "oil stocks down" in the past when combined gasoline and distillate inventories were higher. I don't remember anyone kicking a fuss then.
Product storage at critically low levels.
before long, 1H $
hey
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