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Oil Inventories Rise by More-Than-Expected 2.2M Barrels Last Week: API

Commodities Aug 09, 2022 05:11PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com -- U.S. crude inventory increased by much more than expected last week, the API reported Tuesday, keeping traders on guard for an upside surprise in Wednesday's official report from the U.S. Energy Department. 

West Texas Intermediate, the U.S. benchmark, traded at $90.54 a barrel following the report after settling down 0.3% at $90.50 a barrel. 

U.S. crude inventories rose by 2.2 million barrels for the week ended Aug. 5. That compared with a build of 2.2 million barrels reported by the API for the previous week. Economists were expecting an increase of about 73,000 barrels. 

The API data also showed that gasoline inventories fell by 627,000 barrels last week, and distillate stocks increased by 1.4 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by about 73,000 barrels last week.

 
 
Oil Inventories Rise by More-Than-Expected 2.2M Barrels Last Week: API
 

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Comments (9)
Leroy Rodgers
Leroy Rodgers Aug 09, 2022 9:49PM ET
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How is this surprising? You do realize how much is being released from reserves right?
Me comment
Me comment Aug 09, 2022 7:57PM ET
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It is always more than expected.
Jeff Pl
Jeff Pl Aug 09, 2022 7:05PM ET
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EIA gas demand numbers were definitely out of wack on the last report. If they got their house in order again expect to see a drawdown.
Michael McDonough
Michael McDonough Aug 09, 2022 6:38PM ET
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Like a lot of things Biden Amin makes things up
Steven Kemp
Steven Kemp Aug 09, 2022 6:10PM ET
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but they are dumping from reserves which will end
Babajide Odulaja
Babajide Odulaja Aug 09, 2022 5:50PM ET
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If supply is surplus that price should drop?
Jim Herndon
Jim Herndon Aug 09, 2022 5:48PM ET
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Get a *****ing grip 2.2 M is nothing, No story !
Riyansh Rana
Riyansh Rana Aug 09, 2022 5:29PM ET
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crude oil markeet yesterday up yaa down
Lenny Taylor
Lenny Taylor Aug 09, 2022 5:16PM ET
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What am I not understanding about the last sentence in this article? So is it 2.2 million or 73,000. Who lies more? The API or the government?
Brian Dodge
Brian Dodge Aug 09, 2022 5:16PM ET
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73k expected. 2.2 mil actual.
Paul Binder
Paul Binder Aug 09, 2022 5:16PM ET
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you read it wrong. check the dates
Barani Krishnan
Barani Krishnan Aug 09, 2022 5:16PM ET
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Brian Dodge  Yes, 2.2 mln actual as per API. I'm not sure how much simpler the author could have made it for Lenny to understand.
PnJ Leiva
PnJ Leiva Aug 09, 2022 5:16PM ET
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So why is oil not crashing? Maybe Lenny is buying
Lei Yi
Lei Yi Aug 09, 2022 5:16PM ET
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PnJ Leiva wait market to open
 
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