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Oil Inventories Fell by 4.3 Million Barrels Last Week: API

Coronavirus Mar 22, 2022 04:50PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles dropped sharply last week, snapping two-weeks of gains at a time when fears of a supply shortage are receding amid fading bets on the  European Union joining the U.S. oil embargo against Russia. 

West Texas Intermediate, the U.S. benchmark, traded at $108.56 barrel following the report, after settling 36 cents lower $111.76 a barrel.

U.S. crude inventories fell by 4.3 million barrels for the week ended March. 17. That compared with a build of 3.8 million barrels reported by the API for the previous week. Economists were expecting a build of about 25,000 barrels. 

The move lower in oil prices on Tuesday, reversed some gains from a day earlier, as the prospect of the EU banning Russia oil is fading. Some of the bloc's members including Germany, which is relies heavily on Russian oil and gas, aren't too keen on joining the embargo at time when energy prices have surged dramatically.       

The API data also showed that gasoline inventories fell by 626,000 barrels last week, and distillate stocks decreased by 826,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 114,000 barrels last week.

 
Oil Inventories Fell by 4.3 Million Barrels Last Week: API
 

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Comments (6)
Shep De
Shep De Mar 22, 2022 8:23PM ET
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4.2 , but, over 4 is "Shut the door!"
Shep De
Shep De Mar 22, 2022 8:23PM ET
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Economy is way over the FED's heads #overheated
Chih Pin Wu
Chih Pin Wu Mar 22, 2022 7:34PM ET
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So what is the current inventory?
dipak nandre
dipak nandre Mar 22, 2022 6:44PM ET
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good news bad price action may be a trap... so go with price action and not by news only....
dipak nandre
dipak nandre Mar 22, 2022 6:44PM ET
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good news bad price action may be a trap... so go with price action and not by news only....
John Berry
John Berry Mar 22, 2022 6:02PM ET
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This run in oil isn't over
Thomas Thorn
Thomas Thorn Mar 22, 2022 6:02PM ET
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2 weeks ago $130... in 2 weeks from now we'll all be wishing it was only $130
Benjamin Wirth Veres
Benjamin Wirth Veres Mar 22, 2022 5:12PM ET
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Who proofreads these *****articles? Full of mistakes and unfinished sentences
vince smith
vince smith Mar 22, 2022 5:12PM ET
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Pedro De Pakas proofreads them
 
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