American Petroleum Institute (API) data for crude oil inventories in the week to August 7
- A drawdown of 847K barrels (Reuters cite expectations of a 1.8 mln barrel drawdown)
- Inventory at Cushing fell 34K barrels
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Note - This data was out earlier (at 4.30pm ET) to API subscribers. At 4.35pm there is the 'public' release. Even then, though, it is not easy to come by.
The oil price dropped on the 4.30 release of a smaller than expected draw
The API data is closely watched as a guide to the EIA data due tomorrow morning (US time).
The consensus estimate for tomorrow's EIA report is currently for a drawdown of 1735.83K barrels.
