U.S. crude stocks likely rose by over 4M barrels last week - API

Investing.com -- U.S. crude oil stocks likely rose by over 4 million barrels last week despite intensive production cuts by Saudi Arabia, petroleum industry group API indicated in a preliminary report on Tuesday ahead of official inventory data.

Inventories of gasoline and distillates, meanwhile, saw likely drops, according to the API, or the American Petroleum Institute. 

The U.S. crude inventory balance possibly grew by 4.067M barrels during the week ended Aug 4, the API said.

In the prior week to July 28, the petroleum industry group reported a crude draw of 15.4M barrels.

The API numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration, or EIA, on Wednesday. 

In the previous week, the EIA reported a record crude draw of 17.049M barrels, underscoring Saudi Arabia’s claims that it has taken an additional million barrels per day off its production since the start of July. The Saudis have pledged to keep up with such cuts through September.

Notwithstanding the broader crude stockpile gain it reported for last week, the API cited a slide of 0.112M barrels last week at the Cushing, Oklahoma hub that takes delivery of U.S. crude. In the prior week, the API reported a Cushing deficit of 1.76M barrels.

API reports draws for gasoline, distillates

On the fuels side, API reported a gasoline inventory drop of 0.413M barrels and a distillate stock slide of 2.093M barrels. In the previous week, it noted a 1.68M barrel draw for gasoline and 0.512M deficit for distillates.

With the API report out, anticipation builds on what the EIA will cite for last week’s oil supply-demand in the United States, and how that will impact crude prices that have been rallying the past six weeks.

For last week, analysts tracked by Investing.com expect the EIA to report a crude stockpile drop of 0.233M barrels, versus the historic 17.049-M barrel plunge reported during the week to July 28.

On the gasoline inventory front, the consensus is for a build of 0.217M barrels on top of the 1.48M-barrel gain in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product.

With distillate stockpiles, the expectation is for a drop of 0.167M barrels versus the prior week’s drop of 0.796M. Distillates are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets.

Begin trading today! Create an account by completing our form

Privacy Notice

At One Financial Markets we are committed to safeguarding your privacy.

Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.

Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.

Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.

By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Back to top

Office network

One Financial Markets is the trading name of Axi Financial Services (UK) Ltd, a company registered in England with company number 6050593. Axi Financial Services (UK) Ltd is authorised and regulated by the Financial Conduct Authority in the UK (under firm reference number 466201)

The information on this site is not directed at residents of the United States, Belgium, Poland or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

www.onefinancialmarkets.com is owned and operated by Axi Financial Services (UK) Ltd.

Award winning broker
We have been presented with a number of awards that recognise the quality of our service and dedication to our clients :

Best FSA Regulated Broker
Saudi Money Expo

Best Education Product
Saudi Money Expo

Best Broker - Online Trading
IAIR Awards

Best Institutional Broker
Saudi Money Expo

Best FX Services Broker
CN Forex

Top International
FX Broker 2015

Saudi Money Expo

Broker of the Year
Online Trading – Middle East

IAIR Awards

Best Forex
Customer Service 2018

JFEX Awards

We accept the following payment methods: