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

Published 01/19/2022, 04:50 PM
Updated 01/19/2022, 05:01 PM
© Reuters.

© 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.

 
 

Latest comments

all the data for the production and supply as well as cot reports are available on line.... do the work yourself Andrew Ulferts.....
40 years of oil left... bull always
Hi
Lol maybe it’s because it’s gone up 22% in a month?!
Hi
Make Oil Great Again
What about the other report that says crude stocks fell 1 million bbl? Which is it? Someone owes us an apology….
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.
It is fake news since biden wants to lower inflation
Make Oil Great Again - J. Biden
oil is overbought, the charts suggest a short term correction coming. Mo...if carrie is pushing oil, then goldman sachs is probably already short.
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!!
oil will hit 110 a barrel by summer
Where is that oil released from the Strategic Oil Reserves Biden? China?
vince that post sounded stupid...
Bidens PR employee is back, you like your own posts dont you?
245k fligts cancelled in like 1 month welp it has to end somewhere these planes arent flying on water
planes not flying is the symptom - 3/4 mil. peeps not driving to work is the other symptom - 2/3 more weeks of that before it starts trending back to normal - Major Gas builds each of the last3/4 weeks
When the dow, sp500, nasdaq was at this level, the oil price was at $71. So now the market manipulators decided to feed in negative news against the oil price to support its fall. Biggest market of scams.
mg92 your post shows you don't know how the crude market works. it's a lot more complicated... you should probably not try to trade the crude markets. you could get yourself in financial trouble.
They are all crooks , the media and wall street ,feed us lies to steal our money 😩
sounds like peter lost a lot of money.....
Oli price ... high 100 $ touch is it possible?
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