Oct 19, 2022
VOT Research Desk
Market Analytics and Considerations
According to a report published on Tuesday by the API, crude stockpiles in the United States unexpectedly decreased last week. This occurred at a time when concerns about rising supply and slowing demand continue to dominate attention.
Following the release of the report, West Texas Intermediate, the U.S. benchmark, dropped 15 cents, or 0.2 percent, to $85.46 per barrel.
According to the API, during the week that concluded on October 14, U.S. crude stockpiles dropped by 1.3 million barrels. In contrast, predictions for the previous week suggested a rise of 1.6 million barrels and a build of 7.0 million barrels.
Additionally, gasoline stocks decreased by 2.2 million barrels last week, according to API data, and distillate stocks decreased by 1.1 million barrels.
U.S. crude supplies increased by 1.3 million barrels last week, according to the official government inventory report due on Thursday.
Despite ongoing concerns about demand, oil prices have lost recent gains just as the United States is expected to release more emergency oil supplies.
“The release of the remaining 14 million barrels, out of the 180 million barrels that have been designated thus far, is anticipated by Biden this week.
