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

Published 02/01/2022, 04:45 PM
Updated 02/01/2022, 04:47 PM
© Reuters.

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.

 

Latest comments

greed
@ Ying Yu, Why r they drawing so much crude oil frm stock if gasoline use is low?
Because they can and because the market is on their side.
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.
am looking for work
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.
that’s fair. I agree, they are high no matter the reason.
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.
 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."
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 *****
Hey Shane, hope all's well, bud :)
same to you brother.
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