The American Petroleum Institute (API) reported a significant build in US crude oil inventories, exceeding analyst expectations. This surge comes amidst growing gasoline inventories and declining distillate stocks. The Department of Energy also reported an increase in Strategic Petroleum Reserve (SPR) inventories, though they remain significantly below pre-withdrawal levels.
The American Petroleum Institute ( API ) reported a substantial increase in crude oil inventories in the United States for the week ending January 31, estimating a build of 9.043 million barrels. This figure significantly exceeded analysts' expectations of a 2.8-million-barrel increase, compounding the 5.025 million barrel build observed in the previous week. Furthermore, gasoline inventories have been experiencing consistent growth over several weeks.
Earlier this week, the Department of Energy (DoE) announced an increase of 0.2 million barrels in crude oil inventories held within the Strategic Petroleum Reserve (SPR) as of February 7. Despite this recent addition, SPR inventories remain at 395.3 million barrels, considerably lower than the levels recorded prior to the SPR withdrawals implemented under the Biden Administration.At 4:09 pm ET, Brent crude was trading at $76.92, up $1.05 (1.38%) from the previous day, representing a $0.92 per barrel rise compared to last week. The U.S. benchmark WTI also saw an increase, trading up $0.91 (1.26%) to $73.23, marking approximately a $0.60 per barrel gain from last week's level. Gasoline inventories witnessed a decline of 2.507 million barrels in the week ending January 31, partially offsetting the previous week's 5.426-million-barrel increase. Currently, gasoline inventories hover slightly above the five-year average for this time of year, according to the latest Energy Information Administration (EIA) data. Distillate inventories continued to fall, dropping by another 590,000 barrels in the latest week, following a decline of 6.979 million barrels in the previous week. As of January 31, distillate inventories stood approximately 12% below the five-year average, as per the latest EIA data. Cushing inventories, representing the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma, rose by 407,000 barrels, following a 110,000 barrel increase in the previous week, according to API data
CRUDE OIL GASOLINE Distillates STRATEGIC PETROLEUM RESERVE API EIA ENERGY MARKET
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
API Reports US Crude Oil Inventories Decline, Brent and WTI RiseThe American Petroleum Institute (API) released data showing a decrease in US crude oil inventories for the week ending January 10, defying analyst expectations. The report also highlighted changes in gasoline and distillate inventories, as well as an increase in the Strategic Petroleum Reserve (SPR). Global benchmark crude prices, Brent and WTI, experienced upward movement following the data release.
Read more »
Oil Rises as Crude Inventories Continue to DrawCrude oil prices moved higher today, after the U.S. Energy Information Administration reported an inventory dip of 2 million barrels for the second week of the year.
Read more »
US Crude Oil Inventories Rise Despite Continued Downward TrendThe American Petroleum Institute (API) reported a 2.86 million barrel increase in US crude oil inventories for the week ending January 17, falling short of analysts' expectations. This increase comes despite a broader downward trend in inventories throughout 2024. The Department of Energy (DOE) also reported a 0.2 million barrel rise in the Strategic Petroleum Reserve (SPR), bringing the total to 394.8 million barrels, although still significantly lower than pre-withdrawal levels. Meanwhile, both Brent and WTI crude prices saw slight gains on the day but remained below last week's levels.
Read more »
Crude, Gasoline Inventories Rise as Distillates See Large DeclineCrude and gasoline inventories saw moderate increases while middle distillate inventories saw a strong draw last week
Read more »
US Crude Oil Inventories Surge, Prices DropUS crude oil inventories unexpectedly jumped by 3.5 million barrels in the week ending January 24th, according to the U.S. Energy Information Administration. This build, in line with seasonal trends, contributed to a decline in crude oil prices, with both WTI and Brent benchmarks trading down from the previous day. The EIA also reported increases in gasoline inventories and a decrease in middle distillate inventories.
Read more »
API Reports Unexpected Surge in U.S. Crude Oil InventoriesThe American Petroleum Institute (API) reported a significant increase in U.S. crude oil inventories, surpassing analyst expectations. This unexpected surge comes amidst a broader trend of declining inventories throughout 2023.
Read more »