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U.S. Crude Stocks Fell Last Week but Gasoline Ballooned Further - API

Commodities Feb 01, 2022 04:47PM ET
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By Barani Krishnan

Investing.com - U.S. crude stockpiles unexpectedly fell last week against expectations for a build, but gasoline inventories continued to build, according to data from industry group American Petroleum Institute, or API.

The API numbers come ahead of official inventory data for the week to Jan. 28, due from the U.S. Energy Information Administration, or EIA, on Wednesday.

Crude stocks fell by 1.645 million barrels last week, the API data showed. 

Analysts tracked by Investing.com expect the EIA to report that  crude inventories rose by 1.52 million barrels last week on top of the previous week’s build of 2.38 million barrels.

Gasoline inventories rose by 5.816 million barrels, API said.

The EIA is expected to report that gasoline stocks likely jumped by 1.64 million barrels last week, on top of the previous week’s rise of 1.30 million. Gasoline barrels have ballooned over the past month amid seasonally-weak U.S. demand that contrasted with the rally in oil.

API also said that distillate stocks fell by 2.508 million barrels. 

The EIA is expected to report that distillates inventories fell by 1.5 million barrels last week, adding to the previous week’s decline of 2.8 million.

 

U.S. Crude Stocks Fell Last Week but Gasoline Ballooned Further - API
 

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Comments (6)
Chris Hall
Chris Hall Feb 01, 2022 9:53PM ET
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greed
Yasir Siddiq
Yasir Siddiq Feb 01, 2022 7:14PM ET
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@ Ying Yu, Why r they drawing so much crude oil frm stock if gasoline use is low?
Barani Krishnan
Barani Krishnan Feb 01, 2022 7:14PM ET
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Because they can and because the market is on their side.
Ying Yu
Ying Yu Feb 01, 2022 7:05PM ET
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It means more US people are not driving under higher oil price and Omicron pandemic. Let's see how higher the oil price can go. It is a bull trap.
Godgift Bakpo
Godgift Bakpo Feb 01, 2022 5:35PM ET
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am looking for work
Andrew Ulferts
Andrew Ulferts Feb 01, 2022 5:17PM ET
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Barani, refineries have seasonal scheduled shutdowns for maintenence in February I believe. This should clear up your worries over demand and recent gasoline builds. They were planned. Energy crisis roll on.
Show previous replies (6)
Barani Krishnan
Barani Krishnan Feb 01, 2022 5:17PM ET
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New Jazenevd  Yes, I have the EIA document itself, sir. No need oilprice. It was a drawdown of 1.8 mln. Nothing earth-shaking. We've had bigger drawdowns in Cushing before. But if your point is it counters the headline crude draw, then yes. I didn't dispute that. In an ideal world, all the numbers would correlate and reconcile with the supply-demand outlook. Alas, it's seldom a perfect world in energy; hence you have abberations.
Barani Krishnan
Barani Krishnan Feb 01, 2022 5:17PM ET
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New Jazenevd  I meant the headline crude build, not draw :)
Andrew Ulferts
Andrew Ulferts Feb 01, 2022 5:17PM ET
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Barani Krishnan that’s fair. I agree, they are high no matter the reason.
Andrew Ulferts
Andrew Ulferts Feb 01, 2022 5:17PM ET
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Barani Krishnan Please forgive our cynical behavior toward journalists. We have been lied to and smeared, and lied to and lied to. I want you to hear that from me, because sometimes I am the critic. This day in age is going to go down in history as the second wave of yellow journalism. We always assume someone is out to deceive us. I will continue to work on it. My wife teaches me to always assume people have good intentions, not nefarious. She also tells me to read text messages with a smile. It helps.
Barani Krishnan
Barani Krishnan Feb 01, 2022 5:17PM ET
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Andrew Ulferts  Andrew, my mate, no worries. I'm grossly misunderstood anyway for strong views against high oil prices. I make no apologies for that. I'm not a trader, but that doesn't deny my right to have an opinion that I'm absolutely certain is valid. As I wrote in my weekly review on Sunday about people who say they buy oil as a hedge against inflation: "Buying gold itself doesn’t contribute to inflation. But it’s a different story with oil. Being the commodity that literally powers and moves the planet, oil is indispensable to the earth’s mobility. It is the underlying commodity in almost every commercial activity. Higher prices of oil lead to higher prices of food, gas, clothing and nearly every essential.  It’s disingenuous to say you’re hedging against inflation by buying oil when your purchase is actually helping drive up the price of that oil. Just call it a money-making opportunity in a bull market. That’s fine. Don’t use the b(s) that it’s an inflation hedge."
Shane Weddle
Shane Weddle Feb 01, 2022 5:00PM ET
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What are we upto now loke 30-40m build on gasoline and yet demad is somehow there? I aint complaining. My portfolio isnt blood ted loke many but *****
Barani Krishnan
Barani Krishnan Feb 01, 2022 5:00PM ET
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Hey Shane, hope all's well, bud :)
Shane Weddle
Shane Weddle Feb 01, 2022 5:00PM ET
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Barani Krishnan same to you brother.
 
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