Surge in Crude Inventories Triggers Sharp Decline in Oil Prices
TL;DR Summary
The American Petroleum Institute (API) reported a significant build of 12.940 million barrels in U.S. crude inventories, causing oil prices to drop. Gasoline inventories rose, while distillate inventories fell. The Strategic Petroleum Reserve (SPR) remained at a near 40-year low, with total purchases under the Biden Administration's buyback program being less than 4 million barrels. Cushing inventories decreased, and oil prices were trading down ahead of the API data release.
Topics:business#crude-inventories#distillate-inventories#energy#gasoline-inventories#oil-prices#strategic-petroleum-reserve
- Huge Jump In Crude Inventories Sends Oil Prices Tumbling OilPrice.com
- Oil falls further on US stock build, easing supply concerns Reuters.com
- Oil Falls as API Data Shows Big Increase in U.S. Inventories The Wall Street Journal
- US crude stocks up a whopping 13M barrels last week; Gasoline rises 3.9M - API By Investing.com Investing.com
- Private oil survey data shows a huge headline build, order of magnitude more than expected ForexLive
- View Full Coverage on Google News
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