Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Inventories Unexpectedly Jump by 3.8M Barrels Adding to Demand Fears: API

Commodities Jul 07, 2022 04:58
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Yasin Ebrahim

Investing.com -- U.S. crude oil inventories unexpectedly increased last week, confounding expectations for a decline and adding to the bulging weight of expectations that energy demand distraction is underway amid growing fears of a recession.         

West Texas Intermediate, the U.S. benchmark, traded at $98.00 per barrel following the report after settling down $0.97 at $98.53 per barrel, a 12-week low.

U.S. crude inventories increased by about 3.8 million barrels for the week ended June 30. That compared with a draw of 3.8 million barrels reported by the API for the previous week. Economists were expecting a decrease of about 1.1 million barrels. 

The API data also showed that gasoline inventories fell by 1.8 million barrels last week, while distillate stocks decreased by about 635,000 barrels. 

Bets on oil prices likely heading lower rather than higher have increased, pushing oil prices further under $100 a barrel this week as markets price in the prospect of a global recession and the likely hit to energy demand. 

Citigroup warned earlier this week that oil prices could plummet to $65 a barrel by the end of this year and fall to about $45 by the end of 2023 if the economy falls into recession.

The official government inventory report due Thursday is expected to show weekly U.S. crude supplies fell by about 1.0 million barrels last week.

Oil Inventories Unexpectedly Jump by 3.8M Barrels Adding to Demand Fears: API
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email