Strong Crude, Gasoline Draw Jolts Oil Prices

API reports large 5.5 million barrel draw in U.S. crude inventories, following previous 11.5 million barrel draw
Total barrels of crude oil gained this year now in the red per API data
Gasoline inventories down 5.09 million barrels, about 5% less than 5-year average
Distillate inventories up 310,000 barrels, 15% below 5-year average
Oil prices rising ahead of API data, with Brent up $5.50/bbl week-over-week and WTI up over $6/bbl

oilprice.com

Relevant topic timeline:

9/7/2023

U.S. Oil Inventories See Large Drawdown, Tightening Supplies and Lifting Prices Toward Potential $100+ Per Barrel

Crude oil prices in the US increased due to a 6.3 million barrel inventory draw, following a massive decline of 10.6 million barrels the previous week, bringing inventories to the lowest in eight months.

9/8/2023

Oil Prices Hold Near $90 Despite Mixed Supply News

The US continues to see draws in crude inventories, tightening markets, despite Saudi Arabia and Russia's extension of production and export cuts, as well as other energy news such as the cancellation of Alaskan drilling, Kurdistan's demand for funds, and the spike in jet fuel costs.

9/12/2023

Oil Inventories See Modest Build, But Remain Below Average

The American Petroleum Institute (API) reported a build in U.S. crude inventories, causing the total number of barrels of crude oil gained this year to be in the red, according to API data.