The American Petroleum Institute reportedly shows a draw of 4.44M barrels of oil in U.S. commercial stockpiles for the week ending July 12.
Gasoline inventories reportedly show a build of 365K barrels for the week, distillate inventories show a build of 4.92M barrels, and stockpiles at the Cushing, Oklahoma, storage hub show a draw of 746K barrels.
The Energy Information Administration will release its weekly U.S. petroleum supply report Wednesday morning; analysts surveyed by The Wall Street Journal had forecast flat commercial crude stocks at 445M barrels, as well as supply declines of 1.3M barrels for gasoline and 400K barrels for distillates.
August WTI crude oil (CL1:COM) recently traded at $80.82/bbl after settling Tuesday at $80.76/bbl.
API reports 4,440,000 bbl draw from crude oil storage in U.S.
API reports 4,440,000 bbl draw from crude oil storage in U.S.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group