Home / oil price / American Petroleum Institute reported a build of 0.90 million barrels

American Petroleum Institute reported a build of 0.90 million barrels

Energy and precious metals diverged overnight, with crude oil holding its ground while the safe-haven unwind continues in gold and silver.  Summary The charts suggest that the long positioning unwinds in crude oil has run its course for now ahead of tonight’s crude inventories.
Silver Silver failed at its 200-day moving average at 17.9800 yet again overnight, marking the 3rd failure in a row.
The 200-day moving average lies just below at 1254.35 with the significant longer term support at 1240.
Behind this, the next support is the 100-day moving average at 17.3790 followed by the 17th March low at 17.2380.

As it stated in

API Weekly Crude Oil Stocks Increase 0.9 million Barrels, WTI Crude Prices Retreat

Oil Stocks

Cushing recorded a draw of 1.97 million barrels, after a decline of 0.67 million barrels previously and the third successive weekly draw.
Gasoline inventories, however, recorded a substantial build of 4.4 million barrels after a build of 1.4 million barrels last week.
Distillate registered a slight draw in stocks on the week of 36,000 barrels following a draw of 1.8 million barrels previously.
The latest American Petroleum Institute (API) inventory data for the week ending April 21st reported a build of 0.90 million barrels.
This was the first build after three successive draws including the 0.8 million barrel decline reported last week and consensus forecasts were for a further decline of around 1.0 million barrels this week.

As it stated in
Oil Markets

Last week, the API reported a 840,000-barrel draw for crude oil inventories for week ending April 7, while the EIA reported a 1-million-barrel draw.
The American Petroleum Institute (API) reported a build of 897,000 barrels in United States crude oil inventories, compared to analyst expectations that markets would see a bit of relief with a crude oil draw of 1.6 million barrels.
This week’s build in crude oil inventories is the tenth build in the last seventeen weeks, using API data, with the API still reporting an overall hefty build over that time period of roughly 37.9 million barrels.
(Click to enlarge)Distillates saw a small draw of 36,000 this week, compared after a 1.8-million-barrel draw last week.
Oil prices rose slightly on Tuesday from their one-month-low on Monday as markets looked forward to a small but much-needed drawdown in crude stocks.

 

Check Also

Oil prices height on fall in United States crude inventories, universal supply risks picture-16397-310x165

Oil prices height on fall in United States crude inventories, universal supply risks

Oil prices height on fall in United States crude inventories, universal supply risks. As mentioned …