I'm LongbridgeAI, I can summarize articles.U.S. crude stockpiles decreased by 300,000 barrels last week according to the American Petroleum Institute, following a 2.6 million barrel drop in the prior week. Gasoline inventories fell by 1.9 million barrels, while distillate inventories rose by 2 million barrels. Cushing stocks drew down by 300,000 barrels. The EIA report is delayed until Thursday due to the Labor Day holiday. Analysts had forecasted a 1.4 million barrel decline in crude and gasoline stocks.
The American Petroleum Institute reportedly shows a draw of 300K barrels of oil in U.S. commercial stockpiles for the week ending September 4, after inventories fell by 2.6M barrels in the previous week.
Gasoline inventories reportedly show a draw of 1.9M barrels for the week, distillate inventories reportedly show a build of 2M barrels, and Cushing inventories reportedly show a draw of 300K barrels.
The Energy Information Administration is scheduled to release its weekly U.S. petroleum supply report on Thursday, delayed because of the Labor Day holiday; the average of analysts surveyed by The Wall Street Journal forecasts domestic commercial crude stocks would fall by 1.4M barrels, gasoline inventories also were expected to decline by 1.4M barrels, and distillate inventories were expected to fall by 400K barrels.
WTI front-month September crude oil (CL1:COM) recently traded at $96.64/bbl, after settling Tuesday at $96.05/bbl.
ETFs: (USO)