U.S. crude supply rose 4.1M barrels last week, API says

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• The American Petroleum Institute reportedly shows a surprise build of 4.12M barrels of oil for the week ending September 24.
• Gasoline inventories reportedly show a build of 3.55M barrels, distillate inventories show a build of 2.48M barrels and Cushing inventories show a build of 359K barrels.
• Data to be released tomorrow from the Energy Information Administration is expected to show crude inventories fell by 4.5M barrels last week, according to S&P Global Platts.
• November WTI crude oil (CL1:COM) recently traded at $74.40/bbl in electronic trading after settling today at $75.29/bbl.
• USO -0.6% after-hours.

Comments

[Djreef1966]

I think they just invent these numbers every week.

[jcolbyclark]

@Djreef1966 all about the mythic “adjustment”

[Ruffdog]

E&P production must be increasing causing a build in crude and back to school marked the end of the summer driving season.

[Tambo210]

We've had crude stock falls for a number of weeks. Can't go on forever.

Of course there has to be a build at some point.

[simonthecat]

Hmmm. I wonder how this happened. Did we have really low Refinery throughputs?

[nealric]

@simonthecat

Timing mismatches are usually the cause of weird reports. Let’s see how EIA looks.

[Djreef1966]

@simonthecat The hurricane will probably be blamed.

[Ageism 3750]

@simonthecat I'm sure that it's a direct result of the Hurricane season.

[Dorka]

Rarely do you see builds in all 4 categories. Interesting.

[jupenya]

Up 4.1 & down 4.5 in the same week - wow! confusing info. causes confusion - as per WH propaganda (press sec.). Cheers!
PS. Oil p range 75-80, with upside to 85 by y end. N Gas (US) 5-6 with upside. LQ sky is limit.

[Gass man]

@jupenya exactly

[devron2]

So energy crisis also over?

[Foolerene]

@devron2 Of course not, it's just the beginning. They want to calm down the plebs. Simply google "Brits Throw Punches Over Petrol Crisis" ...