14 members / 437 guests (24 hours)

An Interesting IDB update! And how IDB got even faster.  IDB is fast, reliable, and FREE to use. Just join and start posting!

Oil Prices Slip After U.S. API Reports Build In Crude Stocks

Oil Prices Slip After U.S. API Reports Build In Crude Stocks

The American Petroleum Institute (API) reported a build of 882,000 barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of 2.3 million barrels for the week ending May 12. This week’s build ends a run of five draws over the last six weeks, using API data.

Gasoline inventories fell by 1.88 million barrels, according to the API. Gasoline inventories continue to worry markets, as refiners continue to turn crude oil into gasoline above demand for the fuel.

Distillate inventories rose this week by 1.8 million barrels, and inventories at the Cushing, Oklahoma, site fell by 500,000 barrels.