American Petroleum Institute (API) crude oil inventories for the week to August 14

An inventory drawdown according to API

  • Weekly crude stocks down 2.3 million barrels
  • Weekly crude stocks at Cushing up 389K barrels

That draw is much higher than expectations. Oil popped a few cents on the 4.30pm release but is more or less unchanged a few minutes later. If it can't go higher on a big drawdown like this its likely a bearish sign.

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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 U.S. Energy Information Administration (EIA) data due tomorrow morning (US time).

The consensus estimate for tomorrow's EIA report is currently for a drawdown of 354K barrels.

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The American Petroleum Institute (API) is a national trade association that representing America's oil and natural gas industry.

  • More than 600 corporate members ... producers, refiners, suppliers, pipeline operators and marine transporters, as well as service and supply companies that support all segments of the industry