API crude oil inventories: fall 3.1 million barrels

American Petroleum Institute (API) crude oil inventories for the week to September 11

• US crude stocks show an inventory draw of 3.1 million barrels for the week
• At Cushing, crude stocks fell 1.5 mln barrels

I posted on the jump in the oil price at 4.30pm, 5 minutes before the public release and coinciding with the private release of the data

The big inventory draw was a surprise

-

Note - This data is out earlier to API subscribers (at 4.30pm ET) and released publicly at 4.35pm ET.

The API data is closely watched as a guide to the U.S. Energy Information Administration (EIA) data due tomorrow morning (US time).The consensus estimate for tomorrow's EIA report is currently for an inventory build of 1790Kbbls