Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Oil Inventories Unexpectedly Rise 7.35 Million Barrels Last Week: API

Published 03/02/2021, 04:54 PM
Updated 03/02/2021, 04:55 PM
© Reuters.

© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles rose last week and product inventories fell sharply following the cold snap that forced refiners to shut down operations in oil-rich Texas.  

U.S. crude inventories rose 7.35 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 1.026 million barrels the previous week. Cushing inventories increased by 732,000 barrels, while gasoline inventories declined by about 10 million barrels, and distillate stocks decreased by about 9.1 million barrels.  

Crude Oil WTI Futures, the U.S. benchmark for oil, fell $1.19 a barrel on the news after settling down 89 cents at $59.75 a barrel.

The build in crude inventories comes as major oil producers are expected to agree to ease production cuts at a key meeting this week amid concerns that  demand will likely outstrip supply as the global vaccine-led recovery gathers pace. 

U.S. President Joe Biden said Tuesday the U.S. will aim to vaccinate every adult in the nation by the end of May, two months earlier than previously expected.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 928,000 million barrels last week. 

 
 
 

Latest comments

electric will replace gad within 2 years
With supply out pacing demand seems logical the inventories will rise.
It is always unexpectedly maybe the analysts simply don't know how to make projections after all they have a 50/50 chance of being right no matter what they say.
You can't put unexpectedly and then have a strong reason in your first sentence....
what is this post even about! the oil stocks have been floated up by the government ever since the pandemic. listen people the world may be getting through the pandemic but one question. what happens when the stimulus gets cut!
People will need to go and get a j o b.
dow Jones 18k around the corner
old news
the public school buses in my county just started running last Friday.  the new ones are much quieter than the old ones but still burn oil/gas/diesel, even in this overwhelmingly liberal county.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.