Significant Increase in Crude Oil Inventories

In a surprising turn of events, the United States witnessed a substantial increase in crude oil inventories, with a rise of 7.1 million barrels for the week ending July 4. This data, released by the American Petroleum Institute (API), has sparked discussions among market analysts and investors alike.

Changes in Gasoline and Distillate Inventories

While crude oil stocks surged, the report highlighted a contrasting trend in gasoline and distillate inventories. Gasoline stockpiles experienced a decline of 2.2 million barrels, and distillate inventories saw a decrease of 800,000 barrels during the same period.

Modest Build in Cushing, Oklahoma

Adding to the complexity of the inventory report, there was a modest build of 100,000 barrels in Cushing, Oklahoma, a key hub for oil trading and storage. This development is closely watched by industry experts for its potential implications on oil prices and supply dynamics.