The industry-sponsored API estimated that crude oil inventory fell -5.12 mmb in the week ended January 12. Cushing stock dropped -3.94 mmg for the week. For refined oil products, gasoline and distillate stockpiles gained +1.78 mmb and +0.61 mmb respectively. The EIA’s report would probably show a -3.54 mmb decline in crude inventory. Gasoline and distillate stockpiles might have gained +3.43 mmb and +0.09 mmb respectively.
Excerpt from:
BOC Hikes Rates as Expected; China Data Awaited
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