The American Petroleum Institute (API) has reported the weekly inventory levels of US crude oil, gasoline, and distillate stocks. The API weekly crude stock, an indicator of US petroleum demand, has shown an actual increase of 4.600 million barrels.

This figure significantly exceeds the forecasted decrease of 2.500 million barrels, implying weaker demand for crude oil. The higher-than-expected increase in crude inventories is considered bearish for crude prices, as it suggests an oversupply in the market.

Comparing the actual figure to the previous week’s data, the crude inventories have remained almost steady. The previous week’s inventory levels were reported at 4.593 million barrels. The marginal increase of 0.007 million barrels indicates that the demand for crude oil has not significantly changed over the week.

The API weekly crude stock is a crucial economic indicator that provides an overview of US petroleum demand. An increase in crude inventories more than expected, as in the current scenario, suggests a bearish outlook for crude prices. Conversely, if the increase in crude stocks is less than expected, it implies greater demand and a bullish outlook for crude prices.

The current data suggests a slight slowdown in demand for crude oil in the US, considering the higher than expected increase in crude stocks. This could potentially impact crude prices in the near future, making it a key data point for investors and policy makers.

In conclusion, the latest API weekly crude stock data, with an increase of 4.600 million barrels, indicates weaker demand compared to the forecasted decrease of 2.500 million barrels. This could potentially bear down on crude prices in the coming weeks.
Source: Investing.com