Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Oil Inventories unexpectedly jumped by 594,000 Barrels Last Week: API

Published Dec 05, 2023 05:20PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
CL
-1.76%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com -- U.S. crude inventory unexpectedly increased last week, the API reported Tuesday, adding to concerns about a potential global crude supply surplus following weaker-than-expected pledges to cut output by major oil producers last week.  

Crude Oil WTI Futures, the U.S. benchmark, traded at $72.06 a barrel following the report after settling down 1.1% at $72.32 a barrel.

U.S. crude inventories  rose by 594,000 barrels for the week ended Dec. 1, compared with a draw of 817,000 million barrels reported by the API for the previous week. Economists were expecting an decline of about 2.3M barrels.

The unexpected increase adds to concerns about burgeoning non-OPEC supply offsetting recent output-cut pledges by OPEC and its allies, OPEC+. 

On Nov. 30, OPEC+ pledged to take 2.2 million barrels a day offline early next year.  

The API data also showed that gasoline inventories increased by 2.8M barrels last week, while distillate stocks decreased by 89,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 2.9M barrels last week.

Oil Inventories unexpectedly jumped by 594,000 Barrels Last Week: API
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Will Hicks
Will Hicks Dec 05, 2023 7:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
817,000 million barrels ? Where are the editors ?
Carl Ragland
Carl Ragland Dec 05, 2023 7:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The editors are busy covering their long positions due to a margin call
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email