😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

U.S. crude inventories up by 14.9 million barrels last week: API

Published 01/10/2023, 04:52 PM
Updated 01/10/2023, 04:53 PM
© Reuters.
CL
-
NYF
-

By Barani Krishnan

Investing.com -- U.S. crude stockpiles jumped by more than four times last week from the previous week’s level, trade group API said Tuesday, bucking market expectations for a drop in inventories as refiners built up product supply, particularly of heating oil, for the winter.

U.S. crude inventories rose by 14.865 million barrels for the week ended Jan. 6, the API, which stands for the American Petroleum Institute, said. The latest crude build compared with the rise of 3.298M barrels reported by the API for the previous week to Dec. 30. Prior to that, the industry body reported back-to-back draws of 1.3M barrels and 3.069M barrels during the weeks to Dec 23 and Dec. 16, respectively.

Specifically for the Cushing, Oklahoma delivery point for US crude, the API reported a stockpile build of 2.3M barrels. 

The API inventory report also showed a 1.8M barrel rise in gasoline stocks for last week and a 1.1M barrel build in distillate stockpiles.

The API numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration, or EIA, on Wednesday.

For last week, analysts tracked by Investing.com expect the EIA to report a crude stockpile drop of 2.243M barrels, versus the 1.694-M barrel build reported during the week to Dec. 30.

On the gasoline inventory front, the consensus is for a rise of 1.186M barrels over the 346,000-barrel decline in the previous week.

With distillate stockpiles, the expectation is for a drop of 472,000 barrels versus the prior week’s deficit of 1.427M barrels.

Latest comments

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.