Metals News
API crude stocks unexpectedly increase by 3.7 million barrels of US oil narrowed to 3 per cent
The content below was translated by Tencent automatically for reference.

SMM News: in the early hours of Wednesday, Beijing time, data released by the American Petroleum Institute (API) showed that API crude oil stocks in the United States increased by 3.7 million barrels, expected to decrease by 2.761 million barrels, gasoline stocks increased by 3.7 million barrels, and refined oil stocks fell by 1.3 million barrels. After the release of the data, PetroAmerica's short-term decline narrowed to 3.28 percent to close at $56.73 a barrel.

Zero hedge, a well-known financial blog, said that API crude oil inventories recorded an unexpected increase, breaking the trend of decline recorded for seven consecutive weeks; PetroChina hovered around $57 per barrel, but began to decline significantly before the release of the API data, and fell further after the unexpected increase in inventories (PetroAmerica as a whole still recorded a rise). Ole Sloth Hansen, commodities strategist at Shengbao Bank, said the oil market remains unclear and oil-producing countries may be disappointed because their production cuts may not have had the desired effect.

Us crude oil and gasoline stocks recorded an unexpected increase last week, while refined oil stocks unexpectedly fell, according to data released by the American Petroleum Association (API).

The figure above shows an overview of API crude oil inventory data for the week of August 9 (note: the number on the right is a scale, not data)

API said US crude stocks rose 3.7 million barrels to 443 million barrels in the week ended Aug. 9, while Cushing crude stocks fell 2.2 million barrels.

API reported that gasoline stocks increased by 3.7 million barrels last week and refined refining stocks fell by 1.3 million barrels last week.

API data also showed that US crude oil imports rose 640000 barrels a day last week to 7.7 million barrels a day.

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