Commodities and Futures News

Oil inventories unexpectedly rise by 377,000 barrels last week: API

2023.04.11 17:12


© Reuters.

By Barani Krishnan 

Investing.com — U.S. crude stockpiles unexpectedly increased last week, petroleum trade group API said in a report Tuesday, adding to concerns about the energy demand outlook amid fears about a global slowdown.    

, the U.S. benchmark, traded at $81.48 a barrel following the report after settling up 2.1% at $85.57 a barrel.

increased by 377,000 barrels during the week ended Apr. 7, according to the American Petroleum Institute, or API, confounding expectations for a 1.3-million-barrel decline. 

In the prior week to March 31, the API reported a 4.3M-barrel decline.

Aside from the absolute inventory in crude, the API cited a 1.4M barrel deficit at the Cushing, Oklahoma delivery point for U.S. crude.

The API report also showed that gasoline inventories jumped by 450,000 barrels last week, and distillate stocks decreased by 2M barrels.

The API data often 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 April 7, analysts tracked by Investing.com expect the EIA to report a drop of 583,000 barrels.

The strong day of gains for crude prices come even as concerns about the energy demand outlook linger amid worries about a slowdown in global growth.  

The International Monetary Fund trimmed its forecasting for global real GDP growth to 2.8% for 2023 and 3.0% for 2024.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 86,271.11 3.11%
ethereum
Ethereum (ETH) $ 2,363.25 4.78%
tether
Tether (USDT) $ 0.999365 0.02%
xrp
XRP (XRP) $ 2.23 3.54%
bnb
BNB (BNB) $ 616.77 1.95%
solana
Solana (SOL) $ 141.10 0.13%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.209917 1.11%
cardano
Cardano (ADA) $ 0.670374 1.97%
staked-ether
Lido Staked Ether (STETH) $ 2,360.90 4.86%
tron
TRON (TRX) $ 0.229354 0.54%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 86,062.06 3.13%
chainlink
Chainlink (LINK) $ 15.63 1.73%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,813.53 4.85%
litecoin
Litecoin (LTC) $ 129.90 5.64%
avalanche-2
Avalanche (AVAX) $ 23.13 3.62%
sui
Sui (SUI) $ 2.92 3.00%
stellar
Stellar (XLM) $ 0.290973 1.66%
the-open-network
Toncoin (TON) $ 3.49 2.67%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 2.20%
leo-token
LEO Token (LEO) $ 9.26 2.35%
hedera-hashgraph
Hedera (HBAR) $ 0.201618 1.73%
polkadot
Polkadot (DOT) $ 5.06 5.36%
usds
USDS (USDS) $ 1.00 0.02%
mantra-dao
MANTRA (OM) $ 7.31 4.23%
hyperliquid
Hyperliquid (HYPE) $ 20.87 3.31%
weth
WETH (WETH) $ 2,363.43 4.77%
bitcoin-cash
Bitcoin Cash (BCH) $ 300.95 1.68%
ethena-usde
Ethena USDe (USDE) $ 0.999851 0.00%
bitget-token
Bitget Token (BGB) $ 4.12 2.03%
uniswap
Uniswap (UNI) $ 8.21 0.64%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,500.12 4.80%
monero
Monero (XMR) $ 214.31 3.89%
whitebit
WhiteBIT Coin (WBT) $ 26.46 1.56%
near
NEAR Protocol (NEAR) $ 3.10 1.37%
aptos
Aptos (APT) $ 6.18 8.76%
pepe
Pepe (PEPE) $ 0.000008 2.08%
dai
Dai (DAI) $ 0.999636 0.00%
internet-computer
Internet Computer (ICP) $ 6.72 2.63%
ondo-finance
Ondo (ONDO) $ 1.01 1.39%
aave
Aave (AAVE) $ 208.29 0.46%
bittensor
Bittensor (TAO) $ 367.19 2.36%
susds
sUSDS (SUSDS) $ 1.04 0.07%
ethereum-classic
Ethereum Classic (ETC) $ 19.06 0.50%
okb
OKB (OKB) $ 46.00 0.77%
gatechain-token
Gate (GT) $ 21.67 2.54%
official-trump
Official Trump (TRUMP) $ 13.21 1.08%
mantle
Mantle (MNT) $ 0.756634 5.17%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.284868 1.96%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 86,196.09 3.14%