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Oil Inventories Unexpectedly Rise by 1 Million Barrels Last Week: API

CommoditiesJan 19, 2022 05:01PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles unexpectedly increased last week at a time when expectations for demand continue to lean bullish.  

West Texas Intermediate, the U.S. benchmark, traded at $85.19 barrel on the news, after settling up 1.8% at $86.96 a barrel.

U.S. crude inventories rose by about 1.4 million barrels for the week ended Jan.14. That compared with a draw of 1.1 million barrels reported by the API for the previous week. Economists were expecting a draw of about 1.4 million barrels. 

The API data also showed that gasoline inventories increased by 3.5 million barrels last week, and distillate stocks decreased by 1.2 million barrels.

The data comes just as oil prices continued to trend higher following supply disruptions and bullish outlook on demand. 

The International Energy Agency raised its forecast on demand this year by 200,000 barrels a day (bpd), to 3.3 million bpd.

The official government inventory report due Thursday is expected to show weekly U.S. crude supplies fell by about 1 million barrels last week.

 
 
Oil Inventories Unexpectedly Rise by 1 Million Barrels Last Week: API
 

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Comments (15)
Ac Tektrader
Ac Tektrader Jan 19, 2022 11:59PM ET
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all the data for the production and supply as well as cot reports are available on line.... do the work yourself Andrew Ulferts.....
Michael Redden
Michael Redden Jan 19, 2022 11:23PM ET
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40 years of oil left... bull always
Michael Nweze
Michael Nweze Jan 19, 2022 11:23PM ET
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Joel Schwartz
Joel Schwartz Jan 19, 2022 8:46PM ET
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Lol maybe it’s because it’s gone up 22% in a month?!
Michael Nweze
Michael Nweze Jan 19, 2022 8:46PM ET
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Rasoul noor
Rasoul noor Jan 19, 2022 8:03PM ET
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Make Oil Great Again
Andrew Ulferts
Andrew Ulferts Jan 19, 2022 7:58PM ET
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What about the other report that says crude stocks fell 1 million bbl? Which is it? Someone owes us an apology….
Andrew Ulferts
Andrew Ulferts Jan 19, 2022 7:58PM ET
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There, they posted the article from 1-11-22. Let’s see the other data for once please- the SPR release for the last week, the import/ export data, including refined product, and cushing.
Keng He
Keng He Jan 19, 2022 6:57PM ET
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It is fake news since biden wants to lower inflation
JongUn Kim
JongUn_Kim Jan 19, 2022 6:56PM ET
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Make Oil Great Again - J. Biden
Ac Tektrader
Ac Tektrader Jan 19, 2022 6:42PM ET
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oil is overbought, the charts suggest a short term correction coming. Mo...if carrie is pushing oil, then goldman sachs is probably already short.
MO Zapata
MO Zapata Jan 19, 2022 5:26PM ET
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You can go blame the goldmas sachs commodity bull Carrie he keeps pushing oil and metals even in the face if a slwoong econony… alprenlt its a commodity super cycle every day!!
John Cerniuk
John Cerniuk Jan 19, 2022 5:20PM ET
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oil will hit 110 a barrel by summer
 
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