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U.S. crude stockpiles rose 3.82M barrels last week, API says

Jul. 06, 2022 5:15 PM ETUnited States Oil Fund, LP ETF (USO)CL1:COMBy: Carl Surran, SA News Editor40 Comments

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The American Petroleum Institute reportedly shows a surprise build of 3.82M barrels of oil for the week ending July 1.

Gasoline inventories reportedly show a draw of 1.81M barrels, distillate inventories show a draw of 635K barrels and Cushing inventories show a build of 459K barrels.

Data to be released tomorrow from the Energy Information Administration is expected to show crude inventories fell by 1.2M barrels last week, according to S&P Global Platts.

August WTI crude oil (CL1:COM) recently traded at $98.06/bbl in electronic trading after settling Wednesday at $98.53 on the New York Mercantile Exchange.

(NYSEARCA:USO) -0.3% after-hours.

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Comments (40)

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1.5 mil barrels a day being shut down in Kazackhstans pipeline going mostly to Europe

Victor Justice profile picture
I was worried until I read “…API says”
$3.97 a G by Christmas.
Djreef1966 profile picture
$80 is on the horizon.
RickcarinoNYC profile picture
So many mentions Trump & Biden names, not hard to figure out, country is divided and USA should be renamed as DSA, dividend states of America. US is doomed.
Asia is next exiting investment. Next decade belongs to Asia.
@RickcarinoNYC thanks for the constructive criticism rick
@RickcarinoNYC I would be very negative too if I still lived in NYC.
Diesel profile picture
We can always attack Canada and take their oil if needed.
@Diesel Careful... Such a move will leave us with no choice but to unleash the tactical polar bears.
BIZUN1973 profile picture
@Diesel read “Night Probe” by Clive Cussler. The US already owns Canada.
Brian27 profile picture
@Diesel Alberta is ready to join the USA and Kick Trudeau the Clown and Eastern Canada to the curb. Just make the offer.
Any weekly "build" of less than 7M is really a draw when you take into account the ~1M/day draw from the SPR.
cenc profile picture
@Abs350 wait until they start trying fill it in the second half.
@cenc May it be postponed?
@Zacateca actually there talks of releasing more.
Maybe stop selling oil from the SPR to overseas buyers? We may actually need those barrels in the future.
@Laguna Vista O & G yep, people still don’t get the fact it’s a refinery capacity problem. Oversupply is going to go somewhere. Should have only released if the refinery’s were out of Supply with crude they need.
HunterKiller89 profile picture
@Laguna Vista O & G Meh, SPR isn't really needed in the same capacity as it was when formed. It made a lot more sense when we were importing 80% of our demand, but we're in the ballpark of breakeven between demand and production these days. IMO sell it down as long as oil prices are high, and rebuild during the next crash.
It only has like 30-40 days of US demand in inventory anyways (which is ~7 days of global demand). As such it should work more as a capacitor for the system than as a battery
@HunterKiller89 granted we do import less but that kind of defeats the point of the spr if there is a major issue like a war or major climate event. Our refineries can’t run the oil we produce domestically so we’d still have to import heavy oil. Not to mention they’d have to release it all at one time to crash prices. They’re releasing about 30% and still can’t get oil prices under $100.

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