API shows larger-than-expected draw for oil supply

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In Response To: Hurricanes to disrupt more oil output, EIA says ()

API shows larger-than-expected draw for oil supply (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil inventories declined 5.5 million barrels in the week ended June 3, the American Petroleum Institute said late Tuesday. The trade group also reported a decline for gasoline stockpiles of 161,000 barrels, and an increase of 1.77 million barrels for supplies of distillates. The API report comes ahead of official data from the Department of Energy due Wednesday. Analysts polled by Platts expect a decline of 1.5 million barrels in crude-oil stocks, an increase of 1.1 million barrels for supplies of gasoline, and an increase of 400,000 barrels for distillates stockpiles.

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API shows larger-than-expected draw for oil supply

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