API Data: US Crude Stocks Fall 328K Barrels After Big Build
Weekly API inventory data showed a 0.328 million barrel decline in U.S. crude oil stocks, following a prior build of 9.072 million barrels. Distillate and Cushing inventories also fell, while gasoline stocks rose.
U.S. crude oil inventories fell by 0.328 million barrels in the latest API weekly report, reversing from a prior increase of 9.072 million barrels.
Distillate stocks dropped by 2.797 million barrels, and Cushing, the WTI delivery hub, saw inventories decline by 1.438 million barrels. Gasoline stocks rose by 1.076 million barrels.
The headline crude draw and Cushing decline suggest tighter near-term supply, while the gasoline build may offset some of that pressure.
Source: First Squawk