Commodities and Futures News

US crude oil stocks up last week, both at federal level and in Cushing

2023.10.25 14:17


© Reuters.

Investing.com – US stocks rose above the consensus of Wall Street analysts, with an unexpected rise at the federal level and at the storage hub tied to the delivery of contracts traded on the New York Mercantile Exchange, a government report showed Wednesday.

The build in crude inventories for the week ended Oct. 20 came after a drop in exports, the Weekly Petroleum Status Report of the Energy Information Administration, or EIA, showed.

The US crude inventory balance rose by 1.372 million barrels during the week ended October 20, according to the EIA, versus analysts’ consensus for a drop of 0.45M barrels. The build contrasted with the 4.491 million draw in the prior week to October 13, which was helped by a spike in exports.  Last week, crude oil exports fell to 4.833M barrels per day from a prior 5.301M.

Aside from the build in crude stockpiles at the federal level, there was also a rise of 0.213M barrels specifically at the Cushing, Oklahoma storage hub which serves as delivery point for US West Texas Intermediate crude futures traded on the New York Mercantile Exchange. Cushing storage levels have dropped drastically this year, prompting concerns they might reach such critical lows to complicate operations at the storage hub. In the prior week, the storage hub saw a net outflow of 1.005M barrels.

Higher stockpiles were noted in gasoline, the premier US fuel product, while distillates — a raw material for diesel and heating fuel — saw draws. 

On the front, there was a build of 0.156M barrels versus the prior draw of 2.371M and analysts’ consensus for a decline of 1.266M. Automotive fuel gasoline is the No. 1 U.S. fuel product.

With , there was a drop of 1.686M barrels on top of the prior week’s deficit of 3.185M and analysts’ consensus for a drop of 1.75M. Distillates are refined into , diesel for trucks, buses, trains and ships and fuel for jets.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 96,901.96 2.04%
ethereum
Ethereum (ETH) $ 3,319.41 4.45%
tether
Tether (USDT) $ 1.00 0.16%
solana
Solana (SOL) $ 247.21 5.89%
bnb
BNB (BNB) $ 650.80 3.66%
xrp
XRP (XRP) $ 1.34 15.28%
dogecoin
Dogecoin (DOGE) $ 0.408958 11.46%
usd-coin
USDC (USDC) $ 0.999951 0.08%
cardano
Cardano (ADA) $ 0.967979 14.84%
staked-ether
Lido Staked Ether (STETH) $ 3,320.24 4.42%
tron
TRON (TRX) $ 0.203589 7.45%
avalanche-2
Avalanche (AVAX) $ 39.59 8.04%
the-open-network
Toncoin (TON) $ 5.96 4.83%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 9.48%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,930.85 4.50%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,471.85 2.15%
stellar
Stellar (XLM) $ 0.450149 7.62%
polkadot
Polkadot (DOT) $ 8.49 1.57%
chainlink
Chainlink (LINK) $ 16.67 6.19%
bitcoin-cash
Bitcoin Cash (BCH) $ 493.62 7.27%
weth
WETH (WETH) $ 3,318.66 4.38%
sui
Sui (SUI) $ 3.35 8.00%
pepe
Pepe (PEPE) $ 0.00002 10.53%
leo-token
LEO Token (LEO) $ 8.71 0.88%
near
NEAR Protocol (NEAR) $ 6.51 0.35%
litecoin
Litecoin (LTC) $ 93.81 10.19%
aptos
Aptos (APT) $ 11.94 8.55%
uniswap
Uniswap (UNI) $ 10.31 5.49%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,488.15 4.66%
hedera-hashgraph
Hedera (HBAR) $ 0.138869 9.62%
usds
USDS (USDS) $ 1.00 0.13%
internet-computer
Internet Computer (ICP) $ 10.68 8.46%
crypto-com-chain
Cronos (CRO) $ 0.184401 7.07%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.538592 7.51%
ethereum-classic
Ethereum Classic (ETC) $ 27.85 8.97%
render-token
Render (RENDER) $ 7.47 7.69%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.17%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.46 2.22%
kaspa
Kaspa (KAS) $ 0.148798 8.11%
bittensor
Bittensor (TAO) $ 499.73 7.44%
whitebit
WhiteBIT Coin (WBT) $ 24.39 1.27%
dai
Dai (DAI) $ 1.00 0.11%
celestia
Celestia (TIA) $ 8.07 21.21%
arbitrum
Arbitrum (ARB) $ 0.81747 6.50%
bonk
Bonk (BONK) $ 0.000044 13.31%
mantra-dao
MANTRA (OM) $ 3.65 2.64%
vechain
VeChain (VET) $ 0.040147 8.97%
cosmos
Cosmos Hub (ATOM) $ 8.28 2.96%
filecoin
Filecoin (FIL) $ 5.35 0.43%
okb
OKB (OKB) $ 52.45 0.54%