The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 4.4 million barrels for the week ended Aug. 7. API also reported gasoline stockpiles declined by 1.3 million barrels, while distillate inventories were down by 2.9 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 1.1 million barrels for the week.
September West Texas Intermediate crude CLU20, 1.06% was at $41.72 a barrel in electronic trading, up from Tuesday’s settlement at $41.61 on the New York Mercantile Exchange. Nick Note: This is a hat trick. Cushing represents domestic inventories and they are still rising in a oversupplied market. The import terminals are where all the inventory “drop” occurred reflecting Saudi manipulating the numbers by diverting supplies away from US ports. Normally we see at least 1 bulk carrier offloading at the gulf ports per day. Where i would expect to see 5 to 6 million barrels offloaded i see one. Their is you 5million inventory decline.
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