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U.S. crude stockpiles had another multi-million barrel build last week, trade group API said Wednesday, bucking market expectations for a drop in inventories for a second week in a row amid questionable energy demand during an unseasonably warm winter. U.S. crude inventories rose by 7.6M barrels during the week ended January 13, the API said. In the previous week to January 6, the API reported a crude build of 14.865M barrels. Specifically for the Cushing, Oklahoma delivery point for U.S. crude, the API reported a stockpile build of 3.7M barrels, after the previous week’s rise of 2.3M barrels. The API inventory report also showed a 2.8M barrel rise in gasoline stocks for last week and a 1.8M-barrel deficit in distillate stockpiles.
Oil prices were trading down on Wednesday despite some optimistic oil demand forecasts as U.S. recession fears took over. At 3:32 p.m. EST, WTI was trading down $1.05 (-1.31%) on the day to $79.13 per barrel—a weekly increase of roughly $4 per barrel. Brent crude was trading down $1.19 (-1.39%) on the day at $84.73—a weekly increase of about $4.50 per barrel. U.S. crude oil production rose to 12.2 million bpd for week ending January 6. U.S. production is still 900,000 bpd lower than the peak production seen in March 2020. NN: oil nearing key breakout point. we shall see what we shall see Refineries shut down during bad weather and inventories TEMPORARILY SOAR.