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Oil Inventories Unexpectedly Fall by 4.5M Barrels Last Week: API

Published 04/19/2022, 04:56 PM
Updated 04/19/2022, 05:01 PM
© Reuters

By Yasin Ebrahim

Investing.com -- U.S. crude inventory unexpectedly declined last week, the API reported Tuesday, just as global growth looks set for a rocky road ahead that some worry could blunt energy demand.   

West Texas Intermediate, the U.S. benchmark, traded at $102.33 barrel following the report.

U.S. crude inventories fell by 4.5 million barrels for the week ended April. 14. That compared with a build of 7.8 million barrels reported by the API for the previous week. Economists were expecting an increase of about 2.5 million barrels. 

The slip in oil prices on Tuesday comes amid concerns about the impact on energy demand of slowing global growth in the wake of the Russia-Ukraine war.

The IMF cut its global growth forecast by 3.6% in both 2022 and 2023, from prior forecasts of 4.4% and 3.8% respectively.

The API data also showed that gasoline inventories rose by 2.9 million barrels last week, and distillate stocks increased by 1.7 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by about 2.5 million barrels last week.

 
 

Latest comments

oil prices are high because of Putin's genocidal war, anyone or country that support that are anti human, anti christ and anti American.
...and where did all that SPR oil go?  Shipped to Europe to replace the oil our one eyed jack allies need to buy from Russia.
We are going to run out of reserves before we bring enough oil online to support the whopping 102 MBD in demand.
Who disliked this post? They’re in denial obviously.
Its going to keep falling. Especially as summer activities pick up. US production ia down quite a bit from early 2022. Under investment is going to catch up to this tight market. If oil dropped that much with SPR release it could start to get messy again real quick.
so oil will go up if inventories fall... mask mandates lifted hmmm airliners will use more fuel
Unexpectedly?
😂
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