All articles tagged with #distillate inventories
Crude oil inventories in the United States rose by 594,000 barrels, contrary to expectations of a draw, leading to lower oil prices. Gasoline inventories increased by 2.83 million barrels, while distillate inventories rose by 890,000 barrels. Cushing inventories saw the largest increase, rising by 4.28 million barrels. The disappointing OPEC+ decision to extend production cuts also contributed to the decline in oil prices.
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.
U.S. crude inventories experienced a significant draw of 4.210 million barrels, according to the American Petroleum Institute (API), surpassing analysts' expectations of a modest draw. Gasoline inventories rose by 3.946 million barrels, while distillate inventories increased by 349,000 barrels. Oil prices were trading higher ahead of the API data release, with Brent at $91.19 and WTI at $89.55. Cushing inventories rose by 705,000 barrels, leaving about 22 million barrels in Cushing.
US crude oil inventories unexpectedly rose by 3.618 million barrels, while gasoline inventories rose by 399,000 barrels and distillate inventories fell by 3.945 million barrels. US crude oil production rose by 100,000 bpd to 12.3 million bpd. Despite the surprise inventory build, the price of WTI and Brent crude oil were both trading up on Tuesday.