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Saturday, 20. July 2024

US Oil Futures Retreat as API Reports Increase in Crude Stocks


U.S. crude oil futures dipped in late trading on Tuesday following a report from the American Petroleum Institute (API) showing a rise in domestic crude inventories. This comes as the market anticipates a seasonal decline in crude stocks during the summer months, coupled with an expected uptick in demand.

After settling up 1.5% at $81.57 a barrel earlier in the day, Crude Oil WTI Futures, the U.S. benchmark, retreated to $80.78 a barrel post-settlement upon the API’s inventory update.

According to the API, U.S. crude inventories increased by approximately 2.3 million barrels for the week ending June 14. This contrasts with a drawdown of 2.4 million barrels reported for the previous week, although specific economist estimates were not immediately available.

In addition to the crude data, the API report indicated a decrease of 1.08 million barrels in gasoline stockpiles, while distillate inventories, including diesel and heating oil, saw an increase of 538,000 barrels.

Investors are now awaiting the official government inventory report scheduled for Thursday at 10:30 a.m. EST (1530 GMT), delayed by a day due to the Juneteenth holiday observed on Wednesday.

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