US Crude Draw Tops Forecast in API Data as Exports Hit Records
Preliminary API data showed a much larger-than-expected draw in US petroleum inventories, with crude down 8.1 million barrels versus expectations for a 2.8 million-barrel decline. Gasoline stocks fell 6.1 million barrels, distillates dropped 4.6 million barrels, Cushing inventories were down 1 million barrels and the Strategic Petroleum Reserve fell 5.2 million barrels.
The drawdowns add to evidence that record US oil and refined-product exports are tightening domestic balances ahead of the next EIA update. Weekly petroleum exports are running at record levels, another record may be set this week, and gasoline inventories are already at multi-year seasonal lows, a combination that points to a tighter fuel market and further upward pressure on prices.
From the sources (21 posts)
@staunovoThe tankers have been arriving from all over the world in unprecedented numbers. After loading up in Alaska and along the US Gulf Coast, they head back out to sea — to Japan, Thailand and even as far as Australia. All told, over the past n
@staunovoGlobal oil reserves plunge at record pace as Middle East war strains supplies Stocks near 8-year low ahead of summer travel season despite collapse in demand #oott
@staunovoStockpiles of crude fell by nearly 200mn barrels, or 6.6mn barrels a day, estimated S&P Global Energy, even as higher prices triggered a collapse in demand of about 5mn b/d, the sharpest ever fall outside of the Covid-19 pandemic. #oot
@hfi_researchRT @staunovo: Stockpiles of crude fell by nearly 200mn barrels, or 6.6mn barrels a day, estimated S&P Global Energy, even as higher prices…
@gasbuddyguythey sure are- records amounts of oil and refined products left U.S. shores in the last week, and we'll likely set another record this week. U.S. gasoline inventories are already at multi-year seasonal lows- which means prices will face eve
@globalmktobserv🔴Global oil inventories are the world's last line of defense against the Iran war oil shock: JPMorgan estimates global inventories will fall to ~7.6 billion barrels by June 2026, the lowest level since at least 2017👇
@oilandenergyU.S. crude exports have hit record levels at 5.2M bpd, acting as the global supply of last resort, but inventory drawdowns are tightening domestic balances and raising long-term risks. #Oil #EnergyMarkets #OOTT #Geopolitics
@ericnuttallRT @ericnuttall: There is a giant sucking sound in the United States…in just one week diesel inventories fell by 4%, gasoline inventories f…
@staunovoWith the US-Iran war creeping into its third month, oil traders are hedging against divergent outcomes tied to US inventories as the newly anointed top crude exporter faces unprecedented pressure to meet global demand. One of the hedges, a
@staunovoRT @JuliOnTwtr: API Inventory Moves 05/05 Crude Oil -8.1 million (exp. -2.8 million) Gasoline -6.1 million Distillates -4.6 million Cus…
@oilandenergyRT @JuliOnTwtr: API Inventory Moves 05/05 Crude Oil -8.1 million (exp. -2.8 million) Gasoline -6.1 million Distillates -4.6 million Cus…
@tomklozaRuh-Ro!!
@rory_johnstonUS petroleum inventory like
@oilheadlinenewsAPI Crude Oil -8.1 million Gasoline -6.1 million Distillates -4.6 million Cushing -1 million SPR -5.2 million
@joshyoungI like big draws
@gasbuddyguyUS oil and refined product inventories in the last few weeks
@gasbuddyguyUS petroleum inventories...
@hfi_researchBACD Keep in mind that API underestimated crude draws last week. EIA will be lower on the crude draw. Likely around the -5 million bbls we forecasted.
@oilandenergyU.S. crude inventories plunged by 8.1M barrels, far exceeding expectations, while gasoline and distillate stocks also saw sharp draws, signaling tightening fuel markets. #Oil #OOTT #EnergyMarkets #Inventory
@joshyoungIs this because of the huge inventory decline?
@rory_johnstonA view on record weekly US petroleum exports ahead of tomorrow's EIA update.