U.S. crude stockpiles fell by 7.8M barrels last week, API says
Nov. 29, 2022 5:15 PM ETThe United States Oil ETF, LP (USO), CL1:COMBy: Carl Surran, SA News Editor14 Comments
The American Petroleum Institute reportedly shows a draw of 7.85M barrels of oil for the week ending November 25.
Gasoline inventories reportedly show a build of 2.85M barrels, distillate inventories show a build of 4.01M barrels, and stockpiles at the Cushing storage hub show a draw of 150K barrels.
The U.S. Energy Information Administration will release its weekly petroleum supply data on Wednesday, with analysts forecasting the report will show a 2.1M-barrel decline, according to a survey of analysts and traders by The Wall Street Journal.
January WTI crude oil (CL1:COM) recently traded at $78.90/bbl after settling Tuesday at $78.20/bbl on the New York Mercantile Exchange.