API Shows Sharper Than Expected Drop In Crude Stocks

Investing.com – The American Petroleum Institute reported on Tuesday that US crude stocks fell by 5.481 million barrels, more than the 4.1 million decline seen.

The API data showed a jump of 9.2 million barrels in gasoline stockpiles, while inventories of distillates rose about 4.3 million barrels, sources said. Supply data from the Energy Information Administration (EIA) will be released Wednesday morning.

Current analyst estimates for the EIA data expect a drop of 3.404 million barrels in crude, a gain of 967,000 barrels for distillates and an increase of 1.741 million barrels in gasoline.

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