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Oil Prices Rise After API Reports Largest Gasoline Draw On Record

Oil Prices Rise After API Reports Largest Gasoline Draw On Record

The American Petroleum Institute (API) reported a build of 6.181 million barrels in United States crude oil inventories, compared to analyst expectations that inventories would build by 10.1 million barrels for the week ending September 8 as many refineries in the Gulf Coast remain offline and demand in Florida wanes in the wake of the most recent hurricane.

 

Gasoline inventories fell more than anticipated—by 7.896 million barrels for the week ending September 8, against an expected draw of 4.0 million barrels.

Distillate inventories fell this week, by 1.805 million barrels, against a smaller expected draw of 300,000 bpd. Inventories at the Cushing, Oklahoma, site increased by 1.320 million barrels.