The API reported a small decrease in both gasoline and distillates inventories for the week ending Friday February 15th
Source: oilprice.com
According to a weekly report by the American Petroleum Institute released Wednesday, U.S. crude inventories rose by 1.3 million barrels for the week ended Feb. 15. These results were below analysts’ expectations for a build of 3.1 million barrels. Gasoline inventories fell 1.55 million barrels compared to expectations for a 0.35 million draw. A lower than expected build in inventories coupled with possible trade resolution between China and the U.S, production cuts by Saudi Arabia, and falling Venezuelan oil production continue to drive crude prices. By 4:40pm EST Wednesday, WTI was trading up at $57.20 while Brent was trading up at $67.02.
