U.S. crude inventories increased by about 2.9 million barrels for the week ended Jan. 24, compared with a build of 1M barrels reported by the API for the previous week.
Gasoline stockpiles increased by about 1.9M barrels, while distillate inventories — the class of fuels that includes diesel and heating oil — fell by 3.8M barrels.
U.S. crude oil futures rose in post-settlement trading Tuesday that spilled over to Europe Today. Markets continued their recent drop after the American Petroleum Institute reported a increase in weekly US domestic crude stockpiles. Crude Oil WTI Futures, the U.S. benchmark, recently traded at $73.00 a barrel following the report. Brent traded around $76.70. The official US government EIA inventory report is due Wednesday at 10:30 a.m. ET (1530 GMT).
Nick Note: We’re coming out of the winter time major demand season for crude oil. Inventory is now increasing as refineries are starting to shut down, as the demand for heating oil is fully met and the high demand season is over. Refineries are finishing winter time production of heating oil. And will be shutting down for spring maintenance. We are coming into the lowest crude oil demand time of the year. And are already starting to see crude oil stock climbing.
I except to see little demand increase this summer. Europe is slowing down, China’s slowing down. Under trump they’re already making plans to start reversing the flow of the US Canada pipelines increasing Alberta oil supply to the Midwest and upper Northern refineries. These flows were constricted under the Biden lefty liberal tree huggers fagot WOK dopes sorry ass administration.
There’s peace in the Baca valley as much as you can have peace in that part of the world. The big story is that the Trump administration is in back door negotiations with Russia for a ceasefire with Ukraine. Russia is eager for a deal Because of the promise of allowing the Russians to export oil. So that’s another inventory plus. Their are no new major oil disruptions to report anywhere in the world. OPEC is going to have to throw trump a bone and that means they certainly will not be decreasing production. They certainly will not be holding more inventory off the market. If they want US security guarantees they will have to give in to Trump demands for them to increase production. So I see oil prices moving towards Trump administration inflation killing $35 WTI.
Its nice Trump is back because we can call LGBTQ Binaries FAGOTS. I have a question. Can white people use the N word again like blacks do in referring to each other?