US Oil Futures Give Up Some Gains After API Build
U.S crude oil futures experienced a slight drop in post-settlement trading Tuesday. This follows a report from the American Petroleum Institute (API), which revealed an increase in domestic crude stocks. Such a build-up comes at a time when many were hoping for a decrease in crude inventories during the summer due to an expected rise in demand.
Oil Prices and API Report
The U.S. benchmark traded at $80.78 a barrel after the report. This was a decline from its earlier settlement of $81.57 a barrel, which marked a 1.5% increase. Last week, there was a reported draw of 2.4M barrels in crude oil, but for the week ending on June 14, U.S crude oil futures fell by around 2.3M barrels. Immediate economist estimates weren't available.
Changes in Gasoline and Distillate Inventories
According to the API data:
- Gasoline stockpiles decreased by 1.08 million barrels.
- Distillate inventories increased by 538,000 barrels.
Upcoming Official Report
An official report on these figures is due on Thursday at 10:30 a.m. EST. This release is a day later than usual because of the Juneteenth holiday on Wednesday.
The fluctuation in crude oil futures and inventory levels is crucial as it influences oil prices, affecting everything from gasoline prices at the pump to the overall economy. Keep an eye on Thursday's report for more comprehensive data that may further impact the market.
