API Inventories Released: Crude Stocks Fell 1.5 Million Barrels

Wednesday, October 14, 2009

U.S. crude futures rose in post-settlement trading on Tuesday, after industry data showed a surprise drawdown in crude oil inventories last week against the forecast for a stock build. Earlier, NYMEX September crude settled lower for the first time in four sessions on profit-taking ahead of supply data.

The API said that crude stocks fell 1.5 million barrels to 350.9 million barrels as imports dropped sharply. Distillate stocks declined 1.0 million barrels to 157.9 million barrels and gasoline supplies rose 2.1 million barrels to 215.7 million barrels, the API said.An expanded Reuters poll of analysts forecast an 800,000-barrel build in crude stocks in the week to July 31. The poll also predicted a 1.2-million barrel rise in distillate stocks and a 1.0-million barrel drop in gasoline stocks.

Tomorrow the EIA will release the "official" weekly inventories but the fact is that oil already had a very nice run and is prone to a mild or severe correction. I would not buy a drop of oil here

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