U.S. crude supply fell 1.6M barrels last week, API says

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• The American Petroleum Institute reportedly shows a draw of 1.62M barrels of oil for the week ending August 20.
• Gasoline inventories reportedly show a draw of 985K barrels, distillate inventories show a draw of 245K barrels and Cushing inventories show a draw of 485K barrels.
• Data to be released tomorrow from the Energy Information Administration is expected to show crude inventories fell by 3.2M barrels last week, according to S&P Global Platts.
• October WTI crude oil (CL1:COM) recently traded at $67.67/bbl in electronic trading after settling today at $67.54/bbl.
• USO flat after-hours.

Comments

[hydrocracking]

Consumption season,demand support.oil stocks will down.

[ziggyzig]

9 out 10...down

[SuperAwesomeDude]

Oil stocks are a steal. If you compare current prices for KOS/GTE to when WTI hit high of 76 in June, it's 2x returns if we recover year highs by end of year.

[bigbenorr]

Gas is so freaking cheap right now......I've just been going on drives for the hell of it. People have no idea what is coming......

[Ryan Medford]

@bigbenorr I love filling up at the gas station. Doing my part for demand 😌

[bigbenorr]

@Ryan Medford Hell yeah! Also keeping up that carbon footprint!

[Ryan Medford]

@bigbenorr Careful though, they may send Captain Planet after you

[simonthecat]

Product and storage draws means tighter supply and higher prices... I just wish oil and gas equities would start seeing more upside. I think MRO management needs to kick in and start using that $1.3BB share buyback allotment.

[Desmater]

Draws every week and WTI still not $75+. Surprising to me.

[BeneGesserit]

@Desmater Good. It means the under investment persists longer and the eventual bull market to get supply/demand back in line is steeper.

[Ruffdog]

Where are all those crude and crude products going? Must be a hole in the tank!

[bet727]

@Ruffdog Try driving and you will see many vehicles on the road and lines at the next gas station. Also, full A/C use more fuel than A/C with a few people in them. Plastics.

[Jeff Pokorny]

Gotta like that....