API reports a BIG DRAW from U.S. oil inventory - Sept 10

[dan_s]

The American Petroleum Institute (API) has estimated a large crude oil inventory draw of 7.227 million barrels for the week ending September 5, compared to analyst expectations of a 2.6-million barrel draw. < My take is that part of this is just API correcting the error they made last week in reporting a build.

The inventory build this week takes away from last week’s drawy in crude oil inventories of 401,000 barrels, according to API data. Last week EIA estimated that there was an inventory draw instead of 4.8 million barrels.

After today’s inventory move, the net draw for the year is 25.90 million barrels for the 37-week reporting period so far, using API data.

API also reported a large draw of 4.460 million barrels of gasoline for week ending September 5. Analysts predicted a draw in gasoline inventories of 900,000 barrels for the week.

API's "guess" is that distillate inventories rose by 618,000 barrels for the week, while inventories at Cushing fell by 1.359 million barrels barrels.