Oil Spikes After API Reports Largest Crude Inventory Draw Of The Year

The American Petroleum Institute (API) reported a huge crude oil inventory draw of  10.961 million barrels for the week ending July 18, compared to analyst expectations of a much smaller—but still significant--4.011-million barrel draw.

The inventory draw this week compares to last week’s small draw of 1.401 million barrels, according to the API. A day later, the EIA had estimated an even bigger inventory drawdown of 3.1 million barrels.

After today’s extra-large draw—the largest draw this year--the net build is now just 1.20 million barrels for the 30-week reporting period so far this year, using API data.


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