The American Petroleum Institute (API) reported a huge crude oil inventory draw 10.18 million barrels for the week ending December 7, compared to analyst expectations that we would see a draw in crude oil inventories of 2.990 million barrels . Last week, the API reported a build of over 5 million barrels. A day later, the EIA had a completely contradictory report showing a 7.3-million-barrel draw. Leading up to today’s data release from the API, crude oil prices were trading modestly up at 2:27pm EST, with WTI up $0.45 (+0.88%) at $51.45 and Brent crude up $0.15 (+0.25%) at $60.12. The price hike of today is modest considering OPEC and non-OPEC’s victory last week in reaching an agreement to cut production starting in January. Inventories in the Cushing, Oklahoma facility this week had climbed by 642,000 barrels. The API reported a draw in gasoline inventories for week ending December […]