Even bigger than yesterday's American Petroleum Institute number: "Crude, Gasoline Tumble After Biggest Inventory Build In 8 Months"
Yours truly had a brain spasm when typing the above, both reports showed a draw in gasoline and varied in the magnitude, not the direction:
- API: Gasoline -3.5mm (-1mm expected)
- EIA: Gasoline -2.2mm (-1mm expected)
Oil futures dropped Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 14.4 million barrels in the week ended Oct. 28. Analysts polled by S&P Global Platts expected a 1.9 million-barrel climb, while the American Petroleum Institute late Tuesday reported a rise of 9.3 million barrels, according to sources....MOREDecember WTI is down another $1.40 at $45.27. Brent is down in sympathy at $46.62.