The American Petroleum Institute estimated that US crude inventories fell by 11.12 million barrels in the week ending October 9. Investinglive had seen expectations centred on a build of 1.9 million barrels. Official government data is due Thursday morning US time.
The American Petroleum Institute (API) estimated an 11.12 million barrel fall in US crude oil inventories in the week ending October 9. The week before, inventories fell by 2.09 million barrels, per the same report.
The draw runs against expectations
Privately surveyed figures point to a crude draw of 11.1 million barrels, which Investinglive called a huge draw. However, expectations it had seen centred on a 1.9 million barrel build.
Fuel stocks and Cushing
Elsewhere in the survey, gasoline rose by 1.1 million barrels, in line with the expectation Investinglive had seen. Distillate stocks fell by 1.5 million barrels, also matching that expectation, while Cushing inventories rose by 1.8 million barrels.
Investinglive sourced the figures from social media, so the government release on Thursday morning US time will show whether they hold.
Sources: Oilprice.com (snippet-based), Investinglive
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