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API Data Suggests 1.1 Million Barrel Crude Draw, Oil Markets Not Impressed

The American Petroleum Institute (API) reported a 1.1-million-barrel drop in U.S. crude oil supplies, a smaller dip than the 3 million barrels forecast by S&P Global Platts.

According to the API, U.S. crude oil supplies fell by 1.14 million barrels for the week ended 13 May, with a build of 508,000 barrels at Cushing.

While crude oil saw a smaller draw than originally anticipated, distillates saw a larger dip than expected, down 2.0 million barrels, against the 1.4 million draw forecast.

Related: European Natural Gas Prices Collapse

Gasoline stocks were down 1.9 million barrels against the 1.3 million barrels forecast.

Trading on the inventory draw, crude oil futures for June delivery settled at US$48.47 per barrel on Tuesday on the New York Mercantile Exchange, up from US$48.31.

Brent crude oil for July delivery on the Intercontinental Exchange (ICE) settled at US$49.32.

Expect more trading volatility later on Wednesday, following the release of official inventory data from the U.S. Energy Information Administration (EIA).

Related: Can Oil Prices Hold Onto Gains At $50 Per Barrel?

Some are speculating that the EIA could report a drop in crude oil stockpiles of over 3 million barrels. In recent weeks, there has been a significant gap between API and EIA inventory reports, with volatile trading in the approximately 24-hour gap between the two reports.

Last week, the API had reported a 3.4 million build in crude oil inventories, while the EIA came out the following day with the reverse—a 3.4 draw on inventory.

In early morning trading Wednesday, WTI was up 0.20% at $48.51 per barrel. Brent Crude was up 0.14% at $49.35 as of 9:00 a.m. (CST).

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By James Burgess of Oilprice.com

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