English
French
German
Italian
Russian
Spanish
U.S. crude inventories up by 10M barrels second week in row: API
U.S. crude inventories up by 10M barrels second week in row: API By Investing.com
Breaking News
‘;
Commodities 12 hours ago (Feb 22, 2023 04:42PM ET)
(C) Reuters.
By Barani Krishnan
Investing.com — U.S. crude stockpiles extended their builds by around 10 million barrels for a second week in a row, trade group API said Tuesday, as the petroleum complex as a whole appeared headed for a supply glut amid an unseasonably warm winter.
U.S. crude inventories rose by 9.895M barrels during the week ended Feb. 17, the API, which stands for the American Petroleum Institute, said. In the previous week to Feb. 10, the API reported a crude build of 10.507M barrels.
Specifically for the Cushing, Oklahoma delivery point for U.S. crude, the API reported a stockpile build of 0.481M barrels, after the previous week’s rise of 1.945M barrels.
The API inventory report also showed a 0.894M-barrel rise in gasoline stocks for last week and a 1.374M-barrel gain in distillate stockpiles.
The API numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration, or EIA, on Wednesday.
For the week ended Feb. 17, analysts tracked by Investing.com expect the EIA to report a crude stockpile build of 2.083M barrels in addition to the 16.283M jump during the previous week to Feb. 10. Crude stocks have risen more than 53M barrels over the past eight weeks.
On the gasoline inventory front, the consensus is for an addition of 0.108M barrels after a build of 2.317M in the prior week. Gasoline inventories have gone up by nearly 20M barrels since 2023 began. Automotive fuel gasoline is the No. 1 U.S. fuel product.
With distillate stockpiles, the expectation is for a drop of 1.126M after the previous week’s deficit of 1.285M. Distillates, which are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets, had been the strongest demand component of the U.S. petroleum complex until last month.
U.S. crude inventories up by 10M barrels second week in row: API
Terms And Conditions
Privacy Policy
Risk Warning
(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.
