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Oil Inventories Unexpectedly Drop by 6.1M Barrels Last Week: API

Published Mar 01, 2022 04:56PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles unexpectedly fell more than expected last week, the API reported Wednesday, exacerbating concerns about tight supplies just as U.S. oil prices jumped above $100 a barrel for the first time since 2014.   

West Texas Intermediate, the U.S. benchmark, traded at $106.31 barrel on the news, after settling up 11.5% at $106.78 a barrel.

U.S. crude inventories decreased by 6.1 million barrels for the week ended Feb. 24. That compared with a build of 6 million barrels reported by the API for the previous week. Economists were expecting a build of about 2.8 barrels. 

The API data also showed that gasoline inventories fell by 2.5 million barrels last week, and distillate stocks increased by 400,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 2.7 million barrels last week.

 
Oil Inventories Unexpectedly Drop by 6.1M Barrels Last Week: API
 

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Comments (12)
Barani Krishnan
Barani Krishnan Mar 01, 2022 9:08PM ET
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Oil longs are having their best moments in a more than a decade (2010-2014). As phenomenal as the crude price rally is the rollout of EVs by the industry. Almost every mass car producer as well as luxury marques have rolled out partially-electric and fully electric models over the past 12 months. The higher the oil price, the greater the potential for EV adoption. If everything goes to plan, the next three years should be very interesting for the EV industry.
Patrick Mueller
Patrick Mueller Mar 01, 2022 8:57PM ET
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LET'S GO DARWIN!
Todd Gray
Todd Gray Mar 01, 2022 8:54PM ET
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I expect this is just the beginning of the Biden era horrors.
Todd Gray
Todd Gray Mar 01, 2022 8:53PM ET
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That's the Biden administration. Everything drops or falls apart.
Ac Tektrader
Ac Tektrader Mar 01, 2022 8:29PM ET
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look who we have tonight more trolling right-wingnuts and supporters of the little parinoid megalomeniac in the kremlin.
Ronald Warren
Ronald Warren Mar 01, 2022 7:40PM ET
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The left agenda to break American citizens,"One Way or Another."
Todd Gray
Todd Gray Mar 01, 2022 6:33PM ET
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The slime mankind is destroying the western world as it pretends to being saving it.
Christopher Arntz
Christopher Arntz Mar 01, 2022 6:31PM ET
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Unexpected !!! yeah right. PATHETIC
Bernard Boucher
Bernard Boucher Mar 01, 2022 5:31PM ET
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Come on guys let's get along.  Remember to be respectful.
Mike Ca
Mike Ca Mar 01, 2022 5:26PM ET
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Open up Keystone Pipeline. Close down Brandon
Dean SP
Dean SP Mar 01, 2022 5:26PM ET
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indeed, and lift the sanctions against American businesses and American people. Why are we being punished?
 
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