After the close the American Petroleum Institute (API) reported U.S. crude inventory resumed its fall. The API estimated crude inventory down 4.7 million barrels. Crude analysts expected on average a 2.928 million-barrel drop. Crude prices are up this morning in response to the API data.
The API pegged gasoline inventory down 4.7 million barrels and distillate inventory down 1.9 million barrels. The draws were expected at 916,000 barrels and 435,000 barrels respectively.
Traders will now turn to this morning's Weekly Petroleum Status Report from the Energy Information Administration for confirmation. Our next update will be a summary of that report at 10:00 central time.
A survey of industry analyst showed an average expectation that U.S. propane inventory built 1.97 million barrels last week. Over the last five years week 30 inventory has averaged a build of 1.824 million barrels.
API report
EiA report
at 10:26 WTI is up .20 cents to 71.85. Everyone is anxiously waiting for the EIA numbers
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Report down -4.1 vs -2.5 expectations wti 72.15 up 50 cents
US DoE Crude Oil Inventories (W/W) 23-Jul: -4089K (est -2500K; prev 2107K)
Distillate: -3088K (est -700K; prev -1349K)
Cushing Crude: -1268K (prev -1347K)
Gasoline: -2253K (est -1241K; prev -121K)
Refinery Utilization: -0.30% (est 0.40%; prev -0.40%)
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Report down -4.1 vs -2.5 expectations wti 72.15 up 50 cents
US DoE Crude Oil Inventories (W/W) 23-Jul: -4089K (est -2500K; prev 2107K)
Distillate: -3088K (est -700K; prev -1349K)
Cushing Crude: -1268K (prev -1347K)
Gasoline: -2253K (est -1241K; prev -121K)
Refinery Utilization: -0.30% (est 0.40%; prev -0.40%)