Will the API confirm the consistent decline in the US crude inventories?
The price of crude oil has lost its upward momentum on Tuesday, but still remains relatively high in light of growing demand for the commodity. On Monday, there was a substantial increase in the price of natural gas, LNG, and in proportion, the price of crude oil went up too. The price of LNG, however, fell on Tuesday, putting a drag on surging crude oil prices. Analysts are worried about the impact on the crude oil demand in the US, the world’s largest consumer, due to the steep rise in Covid-19 cases, as the optimism that stemmed from the relative success of the nationwide vaccine campaign started to wane. In this context, they are watching the latest data on the US crude inventories, scheduled to be released by the API, American Petroleum Institute, today. Since November 2021, according to the data from the API, the inventories have been falling, sometimes exceeding the weekly estimates of the former. If the trend is not broken, it is encouraging news for both investo