Showing posts from February 12, 2023

Why did the US crude stocks go up so high in a week?

The US crude stocks have gone up in an unprecedented way during the past week, defying the estimates of the seasoned analysts, leaving the crude oil markets in a state of confusion, at best and a state of panic at worst.  On Tuesday, the API, American Petroleum Institute, released its weekly data that pointed to a massive US crude build of over 10 million barrels. On Wednesday, meanwhile, the EIA, US Energy Information Administration, released its own data for the same period, showing an even bigger build of over 16 million barrels. Understandably, the unexpected development has left both analysts and investors in an anxious lurch, being exposed to the thermals of global political chaos.  Up until recently, the US crude stocks have been a reliable factor indicating the global demand of the commodity; since the US still is the largest  consumer - and the largest producer in the world too - it made perfect sense. Since the outbreak of war in Ukraine, however, its influence has been eclip

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