API Shows Sharp Build in US Crude Oil, Distillate Inventories

API Shows Sharp Build in US Crude Oil, Distillate Inventories

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 9.0 million barrels in the week ending November 6. In the week prior, US crude oil inventories fell by 5.267 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 54 million barrels over the last 30 weeks, and 3 million over this year, according to API data, which has been kept in check in part thanks to draw…

American Petroleum Institute Estimate Puts Cushing Crude Stocks 5.1 Million Barrels Higher

The increase points to more near-term supply at the delivery point for West Texas Intermediate (WTI) futures. Upcoming U.S. Energy Information Administration (EIA) data may confirm or counter the estimate.

Cushing crude stocks rise 5.1M barrels, WTI prices dip 2%-5%

Increased Cushing crude stocks suggest potential for sustained lower WTI prices, impacting market dynamics and future production strategies.

US oil inventories reportedly down by 9.8M barrels

Crude oil inventories in the United States slumped by 9.8 million barrels in the week that ended November 6, marking a bigger-than-expected drawdown, private data from the American Petroleum Institute...