The American Petroleum Institute (API) has reported a build in US crude oil inventories, which brings to an end the recent run of large draws.
- API Weekly Crude Oil Stock Actual 1.628M Expected -3.500M
As can be seen from recent data, there has been a pattern of large draws in recent months, off the back of OPEC’s supply controls.
Gasoline inventories, however, saw a significant drawdown, which helped keep the market afloat on the negative crude oil news. Gasoline inventories fell by 5.448 million barrels for the week ending July 14, compared to analyst expectations that inventories for the fuel would fall by only 500,000 barrels.
The overall mixed picture was reflected in market activity, which has effectively traded sideways since the report, with no clear direction.
Traders will be waiting for this afternoon’s EIA data, to find some market direction, and larger volume.
- EIA Crude Oil Inventories Expected -3.214M Previous -7.564M
- EIA Data released at 15:30 UK time 19th July 2017