API: Growth in US oil stocks last week exceeds forecast

Baku. 25 January. REPORT.AZ/ Crude oil stocks in US for the week of January 14-20 increased by 2,93 mln barrels instead of forecasted 2,5 mln barrels. 

Report informs citing the Forexpf.ru, American Petroleum Institute (API) reported.

According to API, in largest crude oil storage facility Cushing, gasoline stocks declined by 0.145 mln barrels, instead of forecasted 0.5 mln barrels. Notably, the API's report today, is considered as the initial signal of official report by U.S. Energy Information Administration (EIA) on January 25.

According to the EIA forecast, during the reporting week oil stocks had to increase by 2.5 mln barrels, stocks in Cushing had to decrease by 0.5 mln barrels, gasoline stocks had to increase by 1 mln USD, while distillate stocks had to decrease by 1 mln barrels.

Notably, the API's report yesterday, on January 24, decreased Brent crude oil price by 1.4% up to 55.07 USD / barrel. Analytical Group of Report believes, trajectory of movement of oil prices will be determined after today's report by EIA and weekly report by Baker Hughes on number of active oil rigs in US on January 27.