API reports a decline in crude oil inventories

dan_s · Post by **dan_s** » Tue Apr 03, 2018 5:18 pm

The American Petroleum Institute reported
> A draw of 3.28M barrels of crude oil for the week ending March 30, vs. a build of 5.32M last week.
> API estimated that gasoline inventories increased by 1.12M barrels and distillates show a build of 2.2M barrels.
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This is exactly what we can expect to see for April.
> Refiners are now out of annual maintenance and will ramp to over 95% utilization.
> They will suck down crude oil to produce more transportation fuels.
> Gasoline and diesel must build now in order to have enough to meet the SPIKE IN DEMAND that is coming in May and June.

Starting NOW, demand for crude oil exceeds supply. Let the party begin!