The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a build of 3.04 million barrels in the week ending January 16. Crude oil inventories increased by 5.27 million barrels in the week prior.
CRUDE MCX 2038 TO 2110 Hit My 1st Target 2110 Wait For NEXT Target 2180 — 2235, Trade With Neal Bhai pic.twitter.com/W0e1zkex46
— Gold Silver Reports (@goldsilverrepor) February 17, 2016
https://www.goldsilverreports.com/crude-mcx-2038-what-you-think-at-this-level
US production fell during the week of January 9 to 13.753 million bpd, down from 13.811 million bpd in the week prior, according to the latest EIA data. This is 272,000 bpd more than this same time last year.
At 4:27 pm ET, Brent crude was trading up on the day at $65.23 (+0.48%). Brent is now roughly $0.10 down from this time last week amid geopolitical turmoil and worry of soft demand. WTI was also trading up on the day, by $0.27 (+0.45%) at $60.63.
Gasoline inventories saw another large increase this week as well, gaining 6.2 million barrels in the week ending January 16. In the week prior, gasoline inventories grew by 8.23 million barrels. As of last week, gasoline inventories were 4% above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell slightly in the reporting period, falling by 33,000 barrels, after gaining 4.34 million barrels in the week prior. Distillate inventories were still 4% below the five-year average as of the week ending January 9, the latest EIA data shows.
Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—rose by 1.2 million barrels, after increasing by 945,000 barrels in the prior week.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
| Follow us on |
| Telegram, Whatsapp , Facebook, Twitter, Instagram, YouTube, Google Business Profile and Truth Social. |