Crude oil inventories in the United States rose by 5.02 million barrels in the week ending January 31, the American Petroleum Institute’s (API) private data reportedly showed on Tuesday. Distillate inventories allegedly dropped by 6.98 million barrels, while gasoline stockpiles increased by 5.43 million barrels during the reported week. In the same period, reserves in Cushing, Oklahoma, were said to have jumped by 110,000 barrels.
Nick note This is the API report we get the EIA report TODAY which is the more reliable one. We’re seeing as expected inventories build as refineries have finished making heating oil and they’re shutting down to get ready for gasoline driving season. This is further proof, supplied inventories are increasing. Which means that as soon as we get the hissy fit tariffs on oil and Iran war stories out of the market we will return Trump’s dream of a $35 barrel oil. The stars are aligning for this. Of course the algo candlestick assholes will try to take the markets in a different direction…. See that’s how they steal their money.