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Oil Inventories Rise by More Than Expected 4M Barrels Last Week: API

Commodities Sep 27, 2022 04:50PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles increased by much more than expected last week, the API reported Tuesday, just as investors up their bets on supply disruptions as Hurricane Ian is expected to make landfall in Florida on Wednesday.  

West Texas Intermediate, the U.S. benchmark, traded at $78.11 a barrel following the report after settling up 2.3% at $78.50 a barrel.

U.S. crude inventories rose by 4 million barrels for the week ended Sept. 23. 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 333,000 barrels.

Crude prices recovered from a soft start to the week on bets of supply disruptions in the Gulf of Mexico as Hurricane Ian is expected to make landfall in Florida on Wednesday. 

The U.S. offshore regulator said that 190,358 barrels per day of production was shut down in the Gulf of Mexico on hurricane disruptions. 

The API data also showed that gasoline inventories decreased by 1.0 million barrels last week, and distillate stocks rose by 438,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by 443,000 barrels last week.

Oil Inventories Rise by More Than Expected 4M Barrels Last Week: API
 

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Comments (5)
John Berry
John Berry Sep 27, 2022 9:37PM ET
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More made up numbers
Kelly Mayer
Kelly Mayer Sep 27, 2022 9:37PM ET
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Indeed. Seems the norm ever since the 2020 US election fraud. OPEC cuts coming. Will be a nice cold recessionary winter. Keep excluding nuclear power to keep things dark and painful for everyone.
Edward Gerety
EdwardTjGerety Sep 27, 2022 5:18PM ET
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Biden at some point will need to beg OPEC+ and/or Russia to produce more oil to refill the SPR. Trump filled it at a discount price, Biden wasted it on a political move and it will cost taxpayers and consumers to replace it.
Warm Camp
Warm Camp Sep 27, 2022 5:18PM ET
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Trump wanted to fill even more when oil price hit almost zero in 2020, but Dems in Congress blocked this. Dems can spend and destroy only.
Niels Jorgen
Niels Jorgen Sep 27, 2022 5:18PM ET
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Are you kidding you are aware there is a war? Or are you content living on the farm until the commies come for you? Trump is the reason this war started in the first place…. His mess these people are just trying to clean it up. I have no bias towards either democrats or republicans btw. To me its silly there are only two parties.
Warm Camp
Warm Camp Sep 27, 2022 5:18PM ET
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Niels Jorgen  Sheer nonsense. Also, commies sit in WH now. The war would never start with Trump in charge. Blaming him for the war indicates fully brainwashed skull.
Jay Garrelts
Jay Garrelts Sep 27, 2022 5:18PM ET
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Warm Camp Omg when price hit almost zero Trump made a deal with OPEC to cut production it didn’t expire till April of this year that’s when Biden went and kissed camel *****just like Trump did lol
Amanda Targaryen
Amanda Targaryen Sep 27, 2022 5:18PM ET
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Niels Jorgen I dont like any politican, I hate them all, but how exactly is this war Trump’s fault? I mean if there is anyone’s fault it is 1. Putin. 2. Putin, 3. Putin and 4. Everyone else who didn’t see Putin was serious and refused to cool things down before it all escalated. Trump wasnt even in power, so please, explain, how is this his fault? Putin clearly acted because there is no clear leadership in Europe after Merkel (Macron tried to fill her shoes, but failed), and Biden can’t project an image of strength anymore.. I wonder, If China invades Taiwan, will this also be Trump’s fault? Will climate change be Trump’s fault? The hurricane Ian?
Warm Camp
Warm Camp Sep 27, 2022 5:15PM ET
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For sure, Biden released more than 4M from SPR for the week. Perhaps, more than twice more than 4. In other words, the report is bullish for oil.
The Jaats
The Jaats Sep 27, 2022 5:09PM ET
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what's the next move of gold now?
Warm Camp
Warm Camp Sep 27, 2022 5:09PM ET
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Forget about gold, buddy. It does not make sense. Look for better investments.
The Jaats
The Jaats Sep 27, 2022 5:09PM ET
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what's the next move of gold now?
 
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