23 November 2022 | Other

API revealed decline of 4.8 million barrels in U.S. crude stockpiles last week

On Tuesday, The American Petroleum Institute (API) data showed that U.S. crude stockpiles dropped more than market expectations last week. At the same time, product inventories, including gasoline, showed an increase. 

U.S. crude oil stockpiles declined by 4.8 million barrels for the week ending November 18, compared to the previous week's inventory decline of 5.8 million barrels.

Estimates from economists showed U.S. oil inventories were projected to decline by 2.2 million barrels. 

According to sentiment on oil prices, investors are split into two groups. On the one hand, there are rising concerns about the decline in China oil demand amid renewed restrictions related to COVID-19. On the other hand, investors expect that the major producers will continue to reduce oil output. 

The U.S. government's report on oil stockpiles will be released on Wednesday. U.S. oil inventories are projected to decline by about 1.1 million barrels last week.

Company MarketCheese
Period: 27.05.2025 Expectation: 50000 pips
Buying BTCUSD amid growing institutional adoption with target 110,000
Today at 12:21 PM 33
Elizabeth_Kuzmicheva
Elizabeth_Kuzmicheva

Listed among the best MarketCheese authors
1st in the segments "Metals" and "Oil and gas"
Period: 30.05.2025 Expectation: 5000 pips
Tesla shares correct after explosive gains
Today at 08:25 AM 24
Period: 22.05.2025 Expectation: 600 pips
AUDUSD will grow to 0.64900 amid US rating downgrade
Today at 08:20 AM 32
Gold buy
Period: 23.05.2025 Expectation: 6000 pips
US credit downgrade would send gold to 3290
Yesterday at 11:09 AM 129
Period: 26.05.2025 Expectation: 3000 pips
Fundamental factors constrain SPX's growth potential
Yesterday at 08:27 AM 53
Elizabeth_Kuzmicheva
Elizabeth_Kuzmicheva

Listed among the best MarketCheese authors
1st in the segments "Metals" and "Oil and gas"
Period: 23.05.2025 Expectation: 700 pips
Silver will drop to 31.7 amid de-escalation of US-China relations
Yesterday at 07:55 AM 30
Go to forecasts