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5.1mn Draw in API Weekly Crude Oil Stocks, WTI Hits 2016 High
The latest American Petroleum Institute (API) inventory data recorded a draw of 5.1mn barrels, which was substantially higher than the expected draw of around 3.2mn and compared with the 1.1mn draw recorded last week. The larger than expected draw maintained bullish sentiment surrounding crude despite mixed data on products. Cushing stocks fell by 0.19mn barrels, which was lower than the Genscape estimate released on Monday, which suggested a decline in stocks of around 0.80mn barrels. There was a sharp build in gasoline in gasoline stocks of 3.6mn barrels, while distillates recorded a 2.9mn draw. Gasoline demand has ... (full story)