API oil data shows larger that expected build in crude oil inventory

A private survey of oil inventories was released, pressuring WTI to pierce the trend line support after API data showed a much larger-than-expected build in U.S. crude inventories. Heating oil futures also fell in post-settlement trade after API data shows a larger-than-expected draw in U.S. distillate inventories.

• Platts were expecting crude stock build of around 1.9 million barrels.
• Reuters survey had an expected build around 400,000 barrels.

• Crude +7.29M.
• Cushing +1.1M
• Gasoline -391K
• Distillates: -3.1M