S&P 500
7,614.20
-0.11%
Dow Jones
51,331.00
-0.08%
Nasdaq 100
30,633.50
-0.27%
Russell 2000
2,927.38
-0.19%
FTSE 100
10,381.80
-0.06%
Nikkei 225
68,209.20
+1.05%

Energy

API Reports Crude Inventory Soars

Photo of Paul Ausick
By Paul Ausick Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Railroad Oil Tank Cars

Thinkstock
The federal government shutdown hit the U.S. Energy Information Administration last Friday and the agency will not publish its weekly report on petroleum data nor its weekly natural gas storage report, both due tomorrow as a result of the Columbus Day holiday. Our best information for the week comes instead from the American Petroleum Institute (API).

The API said on Wednesday evening that the U.S. inventory of crude oil grew by 5.9 million barrels in the week ending October 11th. Gasoline stockpiles were reported down 2.2 million barrels and distillates were down by 1.3 million barrels. Analysts surveyed by Platts were expecting a gain of 2.25 million barrels in the nation’s crude oil supply, a rise of 400,000 barrels in the gasoline supply, and a drop of 1.3 million barrels in the supply of distillates.

WTI crude prices dropped by $0.10 a barrel to $102.19 immediately after the API announcement. Crude prices rose about 1.1% late today following the agreement on a deal to end the government shutdown and temporarily to increase the nation’s debt ceiling.

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Paul Ausick |

Gains Continue in U.S. Crude Supply

ThinkstockThe U.S. Energy Information Administration (EIA) released its weekly petroleum status report Monday morning for the week ending October 11.…

Paul Ausick |

Crude, Gasoline Inventories Up Sharply

ThinkstockThe U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. U.S. commercial crude inventories rose by…

Paul Ausick |

Crude Oil Inventory Booms Again

ThinkstockThe U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning. U.S. commercial crude inventories increased by…

Paul Ausick |

Crude Oil Inventories: Anybody’s Guess

ThinkstockThe U.S. Energy Information Administration (EIA) announced last Friday that it would close down due to “lack of appropriations,” government-speak…

Paul Ausick |

Crude Inventories Fall, Prices Rise

ThinkstockThe US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories fell by…

Paul Ausick |

Gasoline Supply Sharply Down

ThinkstockThe U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. U.S. commercial crude inventories increased by…

Paul Ausick |

Crude Oil Futures Continue to Slide as Gasoline Inventories Rise

ThinkstockThe U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. U.S. commercial crude inventories decreased by…

Paul Ausick |

Inventory Report Crushes Oil Prices

ThinkstockThe U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. The big news is U.S. crude…

Paul Ausick |

Crude Oil Futures Fall, Gasoline Inventories Jump Again

ThinkstockThe U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. U.S. commercial crude inventories decreased by…

Top Gaining Stocks

Hewlett Packard Enterprise
HPE • Vol: 153,197,465
Enphase Energy
ENPH • Vol: 8,360,053
Corning
GLW • Vol: 18,152,646
Alexandria Real Estate Equities
ARE • Vol: 4,337,015
Aptiv
APTV • Vol: 6,761,325

Top Losing Stocks

Trade Desk
TTD • Vol: 21,905,513
Intuit
INTU • Vol: 7,383,018
Coterra Energy
CTRA • Vol: 73,319,495
Cboe Global Markets
CBOE • Vol: 5,000,011
HP
HPQ • Vol: 29,259,826