English
French
German
Italian
Russian
Spanish
U.S. crude stocks climb 2nd week in row, adding 3.3 million barrels – API
U.S. crude stocks climb 2nd week in row, adding 3.3 million barrels – API By Investing.com
Breaking News
‘;
Commodities 1 hour ago (Mar 21, 2023 05:09PM ET)
(C) Reuters.
By Barani Krishnan
Investing.com — U.S. crude stockpiles rose for a second week in a row versus expectations for a decline, petroleum industry group API said in a report Tuesday that is likely to be matched to some extent by forthcoming government data.
U.S. crude inventories expanded by 3.262 million barrels during the week ended March 17, the API, or American Petroleum Institute, said.
The U.S. government’s Energy Information Administration, or EIA, is scheduled to provide an update on Wednesday of where crude stockpiles stood at the close of business on March 17.
In the previous week to March 10, the EIA reported a crude inventory build of 1.55M barrels. The API’s numbers serve as a precursor to the EIA’s data on the same, with the government agency reporting of late numbers that have not varied greatly with those cited by the industry group.
Should the EIA report a large crude inventory build as well for last week, it could cast a pall over the supply-demand outlook for oil just as the market attempts to rebound from last week’s price collapse forced by the U.S. banking crisis.
Notwithstanding the crude build, the API inventory report showed declines in inventories of major fuel products gasoline and distillates. There was a 1.09M-barrel draw in gasoline stocks for last week and a 1.84M-barrel slide in distillate stockpiles.
For last week, analysts tracked by Investing.com expect the EIA to report a crude stockpile drop of 1.565M barrels, versus the 1.55M barrel rise reported during the week to March 10.
On the gasoline inventory front, the consensus is for a drop of 1.677M barrels over the 2.061M-barrel decline in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product.
With distillate stockpiles, the expectation is for a drop of 1.5M barrels versus the prior week’s deficit of 2.537M. Distillates, which are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets, have been the strongest component of the U.S. petroleum complex in terms of demand.
U.S. crude stocks climb 2nd week in row, adding 3.3 million barrels – API
Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information
(C) 2007-2023 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
