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Oil Inventories Rise by More Than Expected 4.5 Million Barrels Last Week: API

Commodities Oct 25, 2022 04:46PM ET
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By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles rose more than expected last week, the API reported Tuesday.

West Texas Intermediate, the U.S. benchmark, traded at $82.71 a barrel following the report after settling up 0.87% at $85.32 per barrel.

U.S. crude inventories increased by 4.5 million barrels for the week ended Oct. 21, the API reported, compared with estimates for a rise of 200,000 barrels, and a draw of 1.3 million barrels reported in the previous week.

The API data also showed that gasoline inventories fell 2.3 million barrels last week, while distillate stocks climbed by 635,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by 1.0 million barrels last week.

Oil Inventories Rise by More Than Expected 4.5 Million Barrels Last Week: API
 

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Comments (1)
Me comment
Me comment Oct 25, 2022 5:32PM ET
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The supply shortage is all a myth perpetuated by the analyst who make their money by causing volatility in the market. The preach shortage then invest to make money when the market moves opposite their predictions.
Edward Gerety
EdwardTjGerety Oct 25, 2022 5:32PM ET
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The supply shortage is due to limitations set by the Biden Administration that is limiting production numbers to offset growth and OPEC cuts. There was NOT an increase in supply via production but Biden spending $10B by releasing crude from the Strategic Petroleum Reserve.
Zhehui Jin
Zhehui Jin Oct 25, 2022 5:32PM ET
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According to API data, U.S. commercial crude inventories have grown by ~32 m bbl so far this year, while the draw from SPR is ~192 m bbl (6 times of that figure). It is not a myth, but a cold hard fact.
Andrew Ulferts
Andrew Ulferts Oct 25, 2022 5:32PM ET
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Zhehui Jin Absolutely. Numbers don’t lie.
Royce Murph
Royce Murph Oct 25, 2022 5:32PM ET
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SPR release of 3.5m last week.
Am Kh
Am Kh Oct 25, 2022 5:32PM ET
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Andrew Ulferts Numbers never lie, but they can be cooked
 
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