American Petroleum Institute (API) crude oil inventories for the week to October 23 show a larger than expected rise
- Weekly crude stocks rise 4.1 mln barrels
- Weekly crude stocks at Cushing fell 748K barrels
Oil price has ticked a little higher on the 4.30pm announcement and still hanging in there after the 4.35 release publicly
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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 a stock build of 3560bbls .
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The American Petroleum Institute (API) is a national trade association representing America's oil and natural gas industry. More than 600 corporate members ... producers, refiners, suppliers, pipeline operators and marine transporters, as well as service and supply companies that support all segments of the industry
