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Oil Inventories Unexpectedly Climb by 0.6M Barrels Last Week: API

Commodities May 24, 2022 05:00PM ET
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© Reuters

By Yasin Ebrahim

Investing.com -- U.S. crude oil inventories unexpectedly rose last week, the API reported Tuesday, but gasoline stocks fell exacerbating concerns about higher gas prices with just days to go until the start of the U.S. driving season when Americans take to the road for vacation.   

West Texas Intermediate, the U.S. benchmark, traded at $110.52 per barrel following the report after settling down 52 cents at $109.77 per barrel.

U.S. crude inventories rose by 567,000 barrels for the week ended May. 19. That compared with a draw of 2.4 million barrels reported by the API for the previous week. Economists were expecting a decrease of about 690,000  barrels. 

The API data also showed that gasoline inventories fell by 4.2 million barrels last week, while distillate stocks declined by about 949,000 barrels. 

The decline in gasoline stocks comes just as demand for fuel will likely accelerate in the weeks ahead as the U.S.  summer driving season is about to begin soon. It unofficially gets underway on Memorial Day at the end of May. The average price of gasoline at the pump in the U.S. swelled to a new high of $4.59 a gallon last week, AAA data showed. 

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 737,000 barrels last week.

 
Oil Inventories Unexpectedly Climb by 0.6M Barrels Last Week: API
 

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Comments (4)
Andrew Ulferts
Andrew Ulferts May 24, 2022 7:02PM ET
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Yuge SPR releases, gasoline and diesel draws, imports flooding in…. Cri$is incoming.
trevor hron
trevor hron May 24, 2022 5:24PM ET
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If that’s on top of a 5-7 million barrel release from SPR then we all know where this is headed. Record gasoline and diesel prices have 0 effect on demand.
mani looli
mani looli May 24, 2022 5:20PM ET
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it's demand side for higher prices or recession or chain's growth ...?
Jim Herndon
Jim Herndon May 24, 2022 5:19PM ET
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Nothing burger
Don Getty
Don Getty May 24, 2022 5:19PM ET
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gas and diesel demand way more of interest than the minor build - at some point the SPR will stop and there's not going to be much in the big tanks especially when you factor EU demand after Russia oil is out!
 
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