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Oil Inventories Unexpectedly Rose by 1.1M Barrels Last Week: API

Published 04/05/2022, 04:47 PM
Updated 04/05/2022, 04:55 PM
© Reuters.

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles unexpectedly rose last week at a time when traders are weighing up the impact on demand following a resurgence of Covid-19 in China against fears of tighter supplies as Europe mulls an embargo on Russia oil.  

West Texas Intermediate, the U.S. benchmark, traded at $100.70 barrel following the report, after settling $101.96 cents lower $104.24 a barrel.

U.S. crude inventories rose by 1.1 million barrels for the week ended March. 31. That compared with a draw of 3.0 million barrels reported by the API for the previous week. Economists were expecting a decline of about 1.6 million barrels. 

The API data also showed that gasoline inventories fell by 543,000 barrels last week, and distillate stocks increased by 593,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 2.1 million barrels last week.

 

Latest comments

Who disnt expect this. I was certain we would start seeing builds with massive SPR release. I understans the impulse to try and keep prices down, but absent a major increase in domesric production we are srill in a net draw enviroment and the SPR will have to be refilled at higher prices.
thanks for the article
US Government shouldn’t and can’t control and the oil and gas price for long period of time for many reasons. One of them is that oil companies are private and most of them are republican . Historically seems republican use oil price as leverage against democrats also and now is the best time to crush them. Lets see how it works in this government case.
It's interesting the number of longs who yell from the treetops about indiscriminate use of the SPR and so-called government meddling in oil, particularly when API or EIA reports an unexpected build in crude or products. Or God forbid, WTI falls a couple of dollars after settlement. Chill, wise guy. The EIA will set it right for you oil bulls tomorrow, then you can go back to happily making money. Ok?
Summertime is coming. Oil $150
I think because of this economical happening between Russia and Eukraine is the reason why this data is reading like this.
What a stupid article. is this the let get Biden reelected article. or do you nit read? Biden put 1 million barrels in from our emergency stock pile to lower the price a nickel. Thats an emergency? No. Its buying votes. Democrats drain the reserves and raise gas prices and cause inflation. Republicans lower inflation and fill the reserves up with lower oil prices. Who looks stupid now. Now lets look at open Borders. 3 million illegals and Visa people a year. A city the size of Dallas. thats 2 million more cars and homes using gas and electric. any ********can see that you can't cut energy and import more trash to use up the little we now have.
Hey, ***** before you call the work of my colleague "stupid", tell me where's the political insinuation in the story about getting Biden re-elected, huh? Stop barking like a rabid mutt about our bias when you can't distinguish between an outright story on inventories and a puff piece on the president. Geez!
 Since you commented as well, I'm copying you in on this one, meant for Keith Bartlett: Before you call the work of my colleague "stupid", tell me where's the political insinuation in the story about getting Biden re-elected, huh? Stop barking like a rabid mutt about our bias when you can't distinguish between an outright story on inventories and a puff piece on the president. Geez!
 We like to print the rabid utterances of individuals of Keith Bartlett, so that more can reflect on his true idiocy.
Add fuel to the inflation by making impact on supply chain
what a surprise 🙄
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