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Oil Inventories Rise by 4.1M Barrels Last Week: API

CommoditiesSep 28, 2021 04:56PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles unexpectedly rose last week following a strong start to the week in oil prices amid global energy crunch in natural gas

West Texas Intermediate, the benchmark fell to $74.33 a barrel on the news, after settling down 0.21% at $75.29 a barrel.

U.S. crude inventories increased by about 4.1 million barrels for the week ended Sept. 24. That compared with a draw of 6.1 million barrels reported by the API for the previous week. Economists were expecting a draw of about 2.3 million barrels.

The API also showed that gasoline inventories jumped by about 3.6 million last week, and distillate stocks increased by about 2.5 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies declined by about 1.6 million barrels last week.

Oil Inventories Rise by 4.1M Barrels Last Week: API
 

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Comments (9)
Louis Lipps
Louis Lipps Sep 28, 2021 6:29PM ET
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Look at imports/exports in tomorrow's report.  With numbers like this they are most likely skewed which would be a one off thing timing wise.  If imports are not elevated or exports lower by a lot then it could be more than one week noise.
Mats Carnmarker
Mats Carnmarker Sep 28, 2021 6:08PM ET
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Can anyone explain in a more plain english these figures? inventories? Is that what's kept in storage ready to be sold? what does "compared to a draw of 6.1 million barrels" mean? the word "draw" US crude oil stock figures show: Actual in red = 4.127 million. Red should mean "not good". So there is 4.127M barrels too little for the market??
Me comment
Me comment Sep 28, 2021 6:08PM ET
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nope to much oil inventory rose, red because opposite what the so called expert expected. Expert don't understand supply is still more than demand.
Jose Maderno
Jose Maderno Sep 28, 2021 6:08PM ET
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Your education is shining through.
Mats Carnmarker
Mats Carnmarker Sep 28, 2021 6:08PM ET
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Jose Maderno That answer shows your level of intelligence
Chinedu Enwelu
Chinedu Enwelu Sep 28, 2021 6:08PM ET
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It rose last week meaning there's an expected increase in supply , more supply is expected today as a new report will be released , meaning prices will most likely drop
Vanessa nicole Bottorf
veenikki26 Sep 28, 2021 5:57PM ET
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how do I contribute to oil workers to help with jobs j hate crude oil natural fas and heating oil futures contracts can ibuse that in any way to help the j dealing issue for the us economy? 657 510 3544 feel free to message me anytime
vince smith
vince smith Sep 28, 2021 5:29PM ET
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The Economists who are predicting oil usage need to find a new line work.
Khabbab Abdallah
Khabbab Abdallah Sep 28, 2021 5:21PM ET
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Hope oil price continue dropping
Massod Massod
Massod Massod Sep 28, 2021 5:20PM ET
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how invest money and then profit
Massod Massod
Massod Massod Sep 28, 2021 5:20PM ET
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good
Saliu Seidu
Saliu Seidu Sep 28, 2021 5:06PM ET
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that's great
adedokun faruq
adedokun faruq Sep 28, 2021 5:04PM ET
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that's good
 
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