Title: U.S. Crude Oil Futures Dip in Post-Settlement Trading After API Report | Investing News
Investing.com — U.S. crude oil futures saw a slight decrease in post-settlement trading on Tuesday following a mixed report from the American Petroleum Institute. While there was a smaller than expected build in weekly domestic crude stocks, there was an upside surprise in gasoline stocks.
The U.S. benchmark traded at $73.03 a barrel after the report, settling up 0.36% at $73.20 a barrel. Crude inventories increased by about 180,000 barrels for the week ended Aug. 2, compared to a draw of 4.5M barrels reported the previous week. Economists were anticipating an increase of 850,000 barrels.
Gasoline stockpiles rose by 3.31M barrels, while distillate inventories, including diesel and heating oil, increased by 1.22M barrels. These builds in product inventories coincide with the end of peak summer demand, as refiners typically slow down for maintenance in the fall.
The official government report is scheduled for release on Wednesday at 10:30 a.m. EST (1530 GMT). Oil prices settled higher on Tuesday, driven by fears of potential supply disruptions amid concerns of retaliation from Iran against Israel following the recent killing of a Hamas leader in Tehran.
Analysis: This article discusses the recent trends in the U.S. crude oil market, highlighting the impact of the American Petroleum Institute’s report on crude and gasoline stocks. The data provided gives insight into inventory levels, which can affect oil prices and market sentiment. Investors and traders can use this information to make informed decisions about their investments in the oil market. Additionally, the geopolitical tensions mentioned in the article also play a role in shaping market dynamics and influencing oil prices. Keeping track of these developments is crucial for anyone with an interest in the energy sector or financial markets.