On Tuesday, January 13th, data released by the American Petroleum Institute (API) showed an increase in crude and refined oil inventories in the United States last week. API data shows that as of the week ending January 9th, US crude oil inventories increased by 5.23 million barrels, gasoline inventories increased by 8.23 million barrels, and distillate oil inventories increased by 4.34 million barrels.
API data shows that crude oil inventories have increased by 5.23 million barrels, indicating oversupply or weak demand, which poses significant downward pressure on spot prices. The significant increase in inventory exceeds market expectations, strengthening short-term bearish sentiment and potentially putting pressure on the spot market.
Gasoline inventory increased significantly by 8.23 million barrels, reaching a recent high, indicating insufficient consumer demand and causing significant negative impact on spot prices. The surge in inventory exacerbates the risk of oversupply, and short-term price pressure is significant, which may trigger market selling.
The inventory of distillate oil increased by 4.34 million barrels, reflecting a weakening of industrial demand and a significant negative impact on spot prices. The inventory growth rate is significant, strengthening the expectation of loose supply, and the spot market is facing downward adjustment, putting short-term price pressure.
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