U.S. crude stockpiles fell 3.8M barrels – API weekly report (NYSEARCA:USO)

U.S. crude stockpiles fell 3.8M barrels – API weekly report (NYSEARCA:USO)

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The American Petroleum Institute reported on Tuesday that its weekly data showed a 3.8M-barrel draw in U.S. crude inventories, a 2.85M-barrel build in gasoline stocks and a 2.6M-barrel build in distillate inventories, according to Dow Jones.

Data due Wednesday from the U.S. Department of Energy’s Energy Information Administration is forecast to show U.S. oil inventories declined by 800K barrels for the week ended June 24.

The DoE survey also is expected to include a weekly report for the week ending June 17, which was supposed to be published last week but was delayed by damage to the government’s computer hardware systems.

ETFs: (NYSEARCA:USO), (UCO), (SCO), (USL), (DBO), (USOI), (NRGU), (OILK), (OLEM)

Front-month August WTI crude oil settled up 2% on Tuesday at $111.76/bbl.

Originally Posted on: https://seekingalpha.com/news/3852667-us-crude-stockpiles-fell-38m-barrels-api-weekly-report?source=feed_tag_commodities
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