On Tuesday, December 23rd, data released by the American Petroleum Institute (API) showed that US crude oil, gasoline, and distillate fuel inventories increased last week. For the week ending December 19th, US crude oil inventories increased by 2.39 million barrels. Gasoline inventories increased by 1.09 million barrels, and distillate fuel inventories increased by 685,000 barrels compared to the previous week.

Reason: The API data showing a 2.39 million barrel increase in US crude oil inventories last week indicates oversupply and weak demand, and the inventory accumulation puts downward pressure on spot prices. The market may expect prices to be under pressure in the short term, but the increase was not at an extreme level.

Reason: The 1.09 million barrel increase in gasoline inventories reflects insufficient consumption and oversupply, and the rising inventory negatively impacts gasoline spot prices. Prices are expected to fall slightly.

Reason: The 685,000 barrel increase in distillate fuel inventories compared to the previous week shows weakening industrial demand and increased supply, and the inventory accumulation is bearish for distillate fuel spot prices. Prices are expected to be under pressure in the short term.

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