{"id":42380,"date":"2023-02-23T16:02:00","date_gmt":"2023-02-23T16:02:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=42380"},"modified":"2023-02-23T20:56:51","modified_gmt":"2023-02-23T20:56:51","slug":"market-wrap-us-crude-in-focus","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-us-crude-in-focus\/","title":{"rendered":"Market Wrap – US Crude in focus"},"content":{"rendered":"\t\t
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The main market mover during the US session was oil, as it moved towards the $76.00 mark after the API report was known ahead of time, with traders appearing to front run the actual release itself.<\/p>

Stocks of crude oil<\/a> in the United States jumped by 9.895 million barrels in the week ended February 17th, 2023, following a 10.507 million barrels gain in the previous week, data from the American Petroleum Institute showed.<\/p>

This was basically the second strong weekly gain since the first week of January 2023, compared with market expectations of a 1.233 million barrels increase.<\/p>

Net US crude imports decreased by 0.012 million barrels in the week ended February 17th, 2023, after a 0.115 million rise in the previous period, data from the API’s Weekly Statistical Bulletin showed.<\/p>

Next up is the EIA report. The US crude oil and natural gas production from the seven biggest shale basins is expected to rise to record highs in March, the US Energy Information Administration according to the monthly Drilling Productivity Report last week.<\/p>

In other news, the number of Americans filing for unemployment benefits fell by 3,000 to 192,000 in the week ending February 18th, below market expectations of 200,000.<\/p>

The latest value remained close to the nine-month low of 183,000 hit at the end of January, giving further evidence that the US labour market remains tight in part to reduced labour force participation.<\/p>

This could force employers to raise wages to attract and keep staff, adding to further inflationary pressure in the world’s largest economy. The four-week moving average, which removes week-to-week volatility, rose by 1,500 to 191,250.\u00a0<\/p>

The second reading of USA GDP showed that\u00a0 US GDP expanded by 2.1% in 2022, slowing from a 5.9% expansion in 2021 as the economy returned to a more normal pace of growth after pandemic-related disruptions in the previous two years.<\/p>

In 2022, the positive contributions came from consumer spending, exports, private inventory investment, and non-residential fixed investment that were partly offset by decreases in residential fixed investment and federal government spending. Imports increased.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The main market mover during the US session was oil, as it moved towards the $76.00 mark after the API report was known ahead of time, with traders appearing to front run the actual release itself. Stocks of crude oil in the United States jumped by 9.895 million barrels in the week ended February 17th, […]<\/p>\n","protected":false},"author":4,"featured_media":42382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[617,441],"yoast_head":"\nMarket Wrap - US Crude in focus - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/market-wrap-us-crude-in-focus\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - US Crude in focus Market Wrap - US Crude in focus\" \/>\n<meta property=\"og:description\" content=\"The main market mover during the US session was oil, as it moved towards the $76.00 mark after the API report was known ahead of time, with traders appearing to front run the actual release itself.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-us-crude-in-focus\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-23T16:02:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-23T20:56:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/02\/GettyImages-823421438.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"725\" \/>\n\t<meta property=\"og:image:height\" content=\"461\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Wrap - 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