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API estimates show 9.16m barrels crude draw, unexpected gasoline build

Published 2017-08-15, 06:43 p/m
Updated 2017-08-15, 06:45 p/m
© Reuters.  API estimates

© Reuters. API estimates

Investing.com - Crude oil inventories dropped by 9.16 million barrels at the end of last week, the American Petroleum Institute (API) said on Tuesday, marking an 11th straight drawdown and more than expected on the week.

The figures, will be followed by official data from the Energy Information Administration (EIA) on Wednesday. The figures often diverge widely. Analysts expected a 3.176 million drop in crude stocks in the U.S. last week, and a 1.527 million decline in gasoline inventories with distillate supplies down by 620,000 barrels.

However, gasoline supplies rose by 300,00 barrels, API estimated, and distillates fell 2.1 million barrels. The oil storage hub at Cushing, Oklahoma, saw a 1.71 million barrels gain.

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