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

Published 03/01/2022, 04:56 PM
Updated 03/01/2022, 04:57 PM
© 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.

 

Latest comments

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.
LET'S GO DARWIN!
I expect this is just the beginning of the Biden era horrors.
That's the Biden administration. Everything drops or falls apart.
look who we have tonight more trolling right-wingnuts and supporters of the little parinoid megalomeniac in the kremlin.
The left agenda to break American citizens,"One Way or Another."
The slime mankind is destroying the western world as it pretends to being saving it.
Unexpected !!! yeah right. PATHETIC
Come on guys let's get along.  Remember to be respectful.
Open up Keystone Pipeline. Close down Brandon
indeed, and lift the sanctions against American businesses and American people. Why are we being punished?
Not the first time when api says something and eia says otherwise.
that's because they released oil from SPR last week and giving that is a short term fix, we are right back to the core problem which Biden, WEF, Blackrocks, SEG ratings ignore reality and are just pushing an agenda, green alternatives are doubling in costs too, as Nickel decade high, metals all going thru the roof as will batteries, exponentially with Lithium shortages (Hillary approved sale of US Lithium to Russia under Obama!)
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