API oil inventories bullish, relative to DOE expectations for Wednesday

May 17, 2022 5:02 PM ETXLE, USOBy: SA News Team19 Comments
  • The American Petroleum Institute "API" reported crude inventories fell 2.5mb, relative to the DOE expectation for a build of 1.4mb on the week.
  • Crude inventories at Cushing fell 3.1mb on the week, according to the API.
  • API reported gasoline inventories fell 5.1mb, relative to the DOE expectation for a draw of 1.3mb on the week.
  • API reported diesel inventories rose 1.1mb, relative to the DOE expectation for a draw of 0.8mb on the week.
  • In total, API showed a draw of 6.5mb in oil and oil products on the week, relative to the DOE expectation for a draw of 0.7mb.
  • The API figures are bullish, relative to DOE expectations (USO) (XLE).

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