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API estimates show crude down 2.720 mln barrels, more than seen

Published 06/20/2017, 04:18 PM
Updated 06/20/2017, 04:37 PM
© Reuters.  API Estimates

Investing.com - U.S. crude oil inventories fell 2.720 million barrels, the American Petroleum Institute (API) said on Tuesday, more than expected compared to an expected drop of 2.106 million barrels seen.

Gasoline inventories rose 346,000 barrels and distillates edged up 1.837 million barrels. Forecasts were for a build of 465,000 barrels for distillates. An estimate for gasoline supplies saw a 443,000 barrels build despite the start of the U.S. summer driving season when demand usually peaks.

Storage at the hub of Cushing, Oklahoma, rose 1.259 million barrels.

The API estimates are followed by more-closely watched figures from the Energy Information Administration (EIA) on Wednesday. The API and EIA figures often diverge.

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