The latest American Petroleum Institute (API) weekly inventory data recorded a draw of 3.56mn barrels, which was very close to the expected draw of around 3.5mn barrels and followed the unexpected build of 2.35mn recorded last week. Crude prices were subjected to some profit taking after the release, especially given the gasoline build, but the data overall will help underpin sentiment and WTI held above $50.0 following the data.
Cushing stocks fell by 1.30mn barrels which was higher than the Genscape estimate that inventories at Cushing had fallen by 1.08mn barrels in the latest week.
There was an increase in gasoline stocks of 0.76mn compared with a sizeable draw expected while distillates recorded a 0.27mn build, again in contrast to an expected draw.
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