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Surge in Crude Inventories Triggers Sharp Decline in Oil Prices

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Source: OilPrice.com
Surge in Crude Inventories Triggers Sharp Decline in Oil Prices
Photo: OilPrice.com
TL;DR

The American Petroleum Institute (API) reported a significant build of 12.940 million barrels in U.S. crude inventories, causing oil prices to drop. Gasoline inventories rose, while distillate inventories fell. The Strategic Petroleum Reserve (SPR) remained at a near 40-year low, with total purchases under the Biden Administration's buyback program being less than 4 million barrels. Cushing inventories decreased, and oil prices were trading down ahead of the API data release.

Topics:businessenergy#crude-inventories#distillate-inventories#energy#gasoline-inventories#oil-prices#strategic-petroleum-reserve
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  1. Huge Jump In Crude Inventories Sends Oil Prices Tumbling  OilPrice.com
  2. Oil falls further on US stock build, easing supply concerns  Reuters.com
  3. Oil Falls as API Data Shows Big Increase in U.S. Inventories  The Wall Street Journal
  4. US crude stocks up a whopping 13M barrels last week; Gasoline rises 3.9M - API By Investing.com  Investing.com
  5. Private oil survey data shows a huge headline build, order of magnitude more than expected  ForexLive
  6. View Full Coverage on Google News

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