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API Reports Major Crude Inventory Draw, Surprise Gasoline Build

API Reports Major Crude Inventory Draw, Surprise Gasoline Build

The American Petroleum Institute (API) reported a major draw of 7.839 million barrels in United States crude oil inventories, compared to analyst expectations of a modest draw of 2.272 million barrels for the week ending August 4.

Gasoline inventories rose by 1.529 million barrels for the week ending August 4, compared to analyst expectations that inventories for the fuel would fall by 1.5 million barrels.

Distillate inventories rose this week as well, by 157,000 barrels, while inventories at the Cushing, Oklahoma, site increased by 319,000 million barrels.