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Oil inventories slump 6.7M Barrels last week: API

Published 01/23/2024, 05:04 PM
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Investing.com -- U.S. crude stockpiles fell more than expected last week, the API reported Tuesday, just as a recent cold snap swept across the U.S., disrupting production.  

Crude Oil WTI Futures, the U.S. benchmark, traded at $74.53 a barrel following the report after settling down 0.5% at $74.37 a barrel.

U.S. crude inventories fell by about 6.7 million barrels for the week ended Jan. 19, compared with a build 483,000 barrels reported by the API for the previous week. Economists were expecting a decline of about 3.00M barrels.

The bigger than expected draw in weekly U.S. stockpiles followed weather-related supply disruptions, with production in North Dakota, the third largest oil producing state, with output falling by 250,000 to 300,000 barrels a day from 700,000 bpd a week ago, according to the state pipeline authority.

The API data also showed that gasoline inventories increased by 7.2M barrels last week, while distillate stocks fell by 245,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 3M barrels last week.

 

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