API reports a massive decline in US crude stocks – Trading Economics

Commercial US crude inventories declined by 7.4 million bbls in the week ended 29 December, according to the American Petroleum Institute (API) data cited by Trading Economics.

PHOTO: An oil pumpjack with the US flag in the background. Getty Images

Meanwhile, oil market analysts have projected a smaller draw of 3 million bbls.

Last week, the US-headquartered industry body reported a rise of 1.84 bbls in US crude oil inventories in its Weekly Statistical Bulletin that tracks crude stock builds in the US. However, the US Energy Information Administration (EIA) data that came out later showed that crude stocks fell by massive 7.11 million bbls on the week, countering the projection of a build by API.

The broadly followed US government data on crude oil stockpiles from the EIA is due later today. The weekly API and EIA data were delayed by a day due to the New Year holiday.

By Aparupa Mazumder 

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