API crude oil inventories in the week to July 31

Larger than expected drawdown

American Petroleum Institute data:

  • Crude inventories fell by 2.4 million barrels
  • Crude stocks at Cushing, Oklahoma fell by 504,000 barrels
  • Gasoline stocks fell by 1 million barrels
  • Distillate fuel stocks rose by 1.7 million barrels

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Note - This data is out earlier to API subscribers (at 4.30pm ET) and released publicly at 4.35pm ET

The API data is closely watched as a guide to the EIA data due tomorrow morning (US time).

The consensus estimate for tomorrow's EIA report is currently for a drawdown of 1.406m barrels.