API crude oil stocks surpassed expectations by 7.29 million barrels and U.S. oil fell short-term

In the early morning of Wednesday, Beijing Time (March 6), data released by the American Petroleum Association (API) showed that API crude oil stocks in the United States increased by 7.29 million barrels, an expected increase of 388,000 barrels, gasoline stocks decreased by 391,000 barrels, refined oil stocks decreased by 3.1 million barrels, and after the data were released, U.S. oil short-term declined rapidly, reporting a drop of 0.55% to $5628 per barrel.

Zero Hedging, a well-known financial blog, said that API crude oil inventories fell unexpectedly last week and investors expected a slight increase in crude oil inventories this week, but the data showed that crude oil inventories increased by 7.29 million barrels. After the data was released, U.S. oil short-term declined rapidly.

According to data released by the American Petroleum Association (API), U.S. crude oil stocks surged last week, gasoline stocks fell less than expected, and refined oil stocks fell more than expected.

API announced that as of March 1, U.S. crude oil stocks increased by 7.29 million barrels to 451.5 million barrels last week, while Cushing crude oil stocks increased by 1.13 million barrels.

API announced that gasoline stocks fell by 391,000 barrels last week and refined oil stocks by 3.1 million barrels last week.

API data also show that U.S. crude oil imports increased by 801,000 barrels a day to 6.9 million barrels a day last week.