Oil Prices Fall After API Reports Huge Build In Gasoline Inventories

6 Dec 2017   Oil Supply, Prices

The American Petroleum Institute (API) reported a large draw of 5.481 million barrels of United States crude oil inventories for the week ending December 1, while analysts had expected a drawdown of 3.507 million barrels . The draw may embolden oil bulls who were left wanting after the OPEC meeting failed to lift prices as many had hoped. Last week, the American Petroleum Institute (API) reported a surprise build of 1.821 million barrels of crude oil when analysts had expected a drawdown of 3.15 million barrels . A day later, however, the EIA reported a 3.4-million-barrel draw , more in line with analyst expectations. Gasoline inventories, on the other hand, saw a massive build this week of 9.196 million barrels for the week ending December 1, compared to forecasts of a much smaller 1.145-million-barrel build . This week’s unexpectedly large build in gasoline inventories is likely to put downward […]

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