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TOBO International Trading(Shanghia)Co.,Ltd       Tianda Oil Pipe Co., Ltd

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July 28, 2021

American Petroleum Institute Weekly Inventories Report

The American Petroleum Institute (API) late Tuesday reported a draw in crude oil inventories of 4.728 million barrels for the week-ending July 23, bringing the total 2021 crude draw so far to nearly 54 million barrels, according to the API data. Analysts were looking for a draw of 3.433 million barrels for the week.

In the previous week, the API reported a surprise build in crude inventories of 806,000 barrels, compared to an expected draw of 4.333 million barrels.

The API also reported a draw in gasoline inventories of 6.226 million barrels for the week-ending July 23 – compared to the previous week’s 3.307-million-barrel build. Distillate stocks saw a decrease in inventories this week of 1.882 million barrels for the week, on top of last week’s 1.255-million-barrel decrease.

Cushing inventories fell this week by 126,000 barrels, compared to last week’s 3.567-million-barrel decrease.

On Wednesday, traders are looking for the U.S. Energy Information Administrationi (EIA) weekly inventories report to show a crude oil draw of about 2.6 million barrels.

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