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API Inventory Estimates Apply Modest Pressure Overnight

OIL

Reports of a slightly larger than expected uptick in the headline crude inventory estimate in the latest API release, coupled with surprise builds in both gasoline and distillate stocks, weighed on crude futures after settlement, even as stocks at the Cushing hub experienced a drawdown.

  • That dynamic, coupled with weakness in Chinese equities, leaves WTI ~$0.50 lower on the day, with Brent sitting ~$0.40 worse off. The bulk of Tuesday's gains have been unwound in the process.
  • DoE inventory data headlines on Wednesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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