Mixed API Inventory Data Has Little Impact On Oil Prices

This week, the American Petroleum Institute (API) estimated the inventory draw for crude oil to be 815,000 barrels. U.S. crude inventories have shed some 61 million barrels since the beginning of the year, and while this is the typical time for rebuilding crude stocks, no such additions to crude inventory have been happening on any steady basis. Analyst expectations for the week were for a larger draw of 2.60 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 3.089 million barrels, compared…