API reports BIG DROP in U.S. crude oil inventories - Dec 11
Posted: Tue Dec 11, 2018 5:50 pm
The American Petroleum Institute (API) reported a huge crude oil inventory draw of 10.18 million barrels for the week ending December 7, compared to analyst expectations that we would see a draw in crude oil inventories of 2.990 million barrels.
The API also reported a draw in gasoline inventories for week ending December 7 in the amount of 2.484 million barrels. Analysts had predicted a build of 2.461 million barrels for the week.
Distillate inventories were up this week by 712,000 barrels, compared to an expected build of 1.801 million barrels.\
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Keep in mind that EIA often reports much different numbers. There weekly report will be out on Wednesday morning.
The API also reported a draw in gasoline inventories for week ending December 7 in the amount of 2.484 million barrels. Analysts had predicted a build of 2.461 million barrels for the week.
Distillate inventories were up this week by 712,000 barrels, compared to an expected build of 1.801 million barrels.\
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Keep in mind that EIA often reports much different numbers. There weekly report will be out on Wednesday morning.