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Title : API Reports Bullish -- But At The Blog, We Follow EIA Data -- October 24, 2017
link : API Reports Bullish -- But At The Blog, We Follow EIA Data -- October 24, 2017

API Reports Bullish -- But At The Blog, We Follow EIA Data -- October 24, 2017

We will get the EIA data tomorrow, but tonight the API is reporting:

• a small build in US crude oil inventories (519,000 bbls)
• but, S&P Platts is forecasting a 425,000-bbl drawdown

Either way, less than a million-bbls one way or the other is inconsequential.

Meanwhile, API reports a huge drawdown of gasoline:

• a drawdown of 5.753 million bbls
• forecast: a much smaller draw of 2.3 million bbls

WTI/Brent prices up initially on talks of global conflict, but "then reality set in, as robust supply capacity from OPEC and US shale loomed large in skittish investor minds."

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