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Oil Inventories Unexpectedly Fall by 2.5M Barrels Last Week: API

CommoditiesNov 09, 2021 04:52PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles unexpectedly fell last week, exacerbating expectations that supply will remain tight as demand continued to improve.                      

West Texas Intermediate, the benchmark traded at $84.56 barrel on the news, after settling up 2.7% cents at $84.15 a barrel.

U.S. crude inventories decreased by 2.5 million barrels for the week ended Nov. 2. That compared with a build of 3.6 million barrels reported by the API for the previous week. Economists were expecting a build of about 1.9 million barrels.

The API data also showed that gasoline inventories fell by 552,000 barrels last week, and distillate stocks increased by 573,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 2.1 million barrels last week.

 
 
Oil Inventories Unexpectedly Fall by 2.5M Barrels Last Week: API
 

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Comments (13)
Franc Fil
Franc Fil Nov 10, 2021 12:14AM ET
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Oil to $150 per bbl
Opoku Bernard
Opoku Bernard Nov 09, 2021 9:22PM ET
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Really
MTISI HARDY
MTISI HARDY Nov 09, 2021 6:40PM ET
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People whats your take on CAD,,,we are talking about correlation now
Me comment
Me comment Nov 09, 2021 6:12PM ET
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If it doesn't match the expectations it is unexpected, doesn't matter if the expectations are based on a wild guest or actual market driven factors.
James Hilliard
James Hilliard Nov 09, 2021 5:24PM ET
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Thank the troops for terrorizing countries selling oil for cheaper than American oligarchs!!!! Ooh rah! Raise taxes and pay troops, swine, and teachers more!!!!
Carlin Moen
Carlin Moen Nov 09, 2021 5:24PM ET
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Yikes
Tim Gilbert
TimothyTekno2020 Nov 09, 2021 5:23PM ET
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We oil bulls continue to profit off UCO and GUSH if aggressive, or XOP and PXJ for those in/near retirement who must reduce volatility (and gains). I’m expecting oil to bottom around $79 but wouldn’t be surprised to see it hit its 21 week moving average a couple dollars lower.Intermediate term demand is rising, and Saudis and Russia aren’t eager to expand production much, nor are American shale producers. US producers are just sitting on 23 million acres of public lands onshore and offshore leased, not willing to explore or produce off them, given how they suffered since 2014 with shale glut, bankruptcies and M&A of the financialy week. So while we shareholders profit off buybacks and rising dividends, the planet must adjust to rising cost of fossil fuels, and also uranium. Only renewables are falling in price, but many applications require petroleum based chemicals, and batteries are not a good solution for some applications and geopolitical risk.
Mir Chang
Mir Chang Nov 09, 2021 5:23PM ET
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Just trade /cl options and you wont have any slippage or drag.
Richard Ellis
Richard Ellis Nov 09, 2021 5:22PM ET
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So how do we trust the numbers any more? The bias has became so political within the markets. Post some number and let the game begin is all that is happening. Who ever knows the start is the winner. Watch tomorrows number of Barrels for some reason they will probably be away UP to level out the number for today. But my bet is the gov't has already started drawing a lot more than they're telling. When the Biden Admin is already getting letters from friendly Democrat Senators telling them to release the reserves. These people love chaos!
Ayumastura PinkLady
Ayumastura PinkLady Nov 09, 2021 5:13PM ET
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oil inventories fall > oil price up > stock market up > they start fear mongering the market by talking about inflation..
Andi Bul
Andi Bul Nov 09, 2021 5:11PM ET
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so the price will rise again, no?!
Nathaniel Meskimen
Nathaniel Meskimen Nov 09, 2021 5:05PM ET
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why have no one picked me up yet
 
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