Crude Oil Inventories Rise in the U.S. Despite Analysts’ Expectations
The American Petroleum Institute (API) recently reported that inventories in the United States rose by 2.4 million barrels for the week ending April 11, defying analysts’ expectations of a decrease. This increase marks a significant climb of over 24 million barrels so far this year, according to Oilprice calculations of API data.
Additionally, the Department of Energy (DoE) disclosed that crude oil inventories in the Strategic Petroleum Reserve (SPR) also saw a rise of 0.3 million barrels, bringing the total to 397 million barrels. Despite this uptick, inventory levels in the SPR still remain below pre-Biden Administration levels.
The international benchmark crude oil price was trading down by $0.32 (-0.49%) at $64.56, showing a slight rebound from recent lows. Similarly, WTI was down by $0.28 (-0.46%) at $61.25, representing a $3 increase from last week.
On the other hand, gasoline inventories fell by 3 million barrels, while distillate inventories saw a decrease of 3.2 million barrels. Cushing inventories also rose, indicating a fluctuating trend in the oil market.
In conclusion, the recent rise in crude oil inventories in the U.S. has defied expectations and could have implications for the oil market moving forward. It is essential for investors and individuals to stay informed about these developments to make informed decisions regarding their finances and investments.