API reports big draw from crude oil storage - May 14

[dan_s]

After the markets closed on May 14 API reported:

Crude inventories (3.104M) barrels
Gasoline reported (1.269M) barrels
Distillates reported +349K barrels
Cushing reported (600K) barrels

If EIA agrees, WTI will be up tomorrow.

After we get past the OPEC+ meeting we should see steady decline of crude oil inventories in June. Refineries are ramping up after seasonal maintenance.