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API Weekly Crude Oil Stocks Fall 0.8 million Barrels

API Weekly Crude Oil Stocks Fall 0.8 million Barrels

The latest weekly American Petroleum Institute (API) inventory data for the week ending April 14th reported a draw of 0.84 million barrels. This was the third successive draw following a drop of 1.30 million barrels last week, but only the 5th decline in stocks in the last 14 weeks.

Consensus forecasts were also for a larger draw in inventories of around 1.5 million barrels and there was market disappointment on release.


Distillate registered a draw of 1.8 million following a decline of 1.6 million barrels in the previous reporting period.

Gasoline inventories, however, recorded a build of 1.4 million barrels after a draw of 3.7 million barrels last week which broke the run of draws and, in contrast to recent weeks, the fuel data overall was unable to provide significant support to prices.

Cushing recorded a draw of 0.67 million barrels, only the second draw since the beginning of March.