The API reported a 4.4-million-barrel build in oil supplies in lieu of the two-million-barrel spike that Zerohedge’s industry insiders had anticipated.
Oil prices were down slightly after the API numbers were released. As of this article’s writing, West Texas Intermediate is down 0.13 percent at $44.83, while Brent is down 0.54 percent at $45.90.
Gasoline supplies saw a 3.6-million-barrel draw – more than two times bigger than the 1.5-million-barrel decrease forecasted. This is the third straight week of U.S. gas supply declines.
Taking on a 4.3-million-barrel draw, distillates saw the seventh week in a row of inventory drops.
The API’s results will either be confirmed or denied by the United States Energy Information Administration (EIA) report, which will be released tomorrow.
The EIA’s report has been
Hopes are dwindling that, even if an agreement is reached and even if Russia joins it, market balanced would be restored, as Libya and Nigeria – both already exempt from the freeze talks – added a combined
Zainab Calcuttawala for Oilprice.com
More Top Reads From Oilprice.com: