Whitecap Resources Inc T.WCP

API report out

[Wildfury]

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by nearly 7.8 million barrels for the week ended April 8, according to sources. The API also reportedly showed a weekly inventory decline of almost 5.1 million barrels for gasoline, while distillate stockpiles fell by about 5 million barrels. Oil stocks at the Cushing, Okla., delivery hub were up by 375,000 barrels last week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories up by 300,000 barrels for the week, according to analysts polled by S&P Global Commodity Insights. The survey also showed expectations for weekly supply declines of 800,000 barrels for gasoline and 1.5 million barrels for distillates. Oil prices edged higher in the electronic trading session after the API data. May West Texas Intermediate crude CLK22, +7.10% was at $100.71 a barrel in electronic trading, after settling Tuesday at $100.60 on the New York Mercantile.

[Wildfury]

This is very misleading in my opinion and doesn't take into account the SPR draw of 3 million plus barrels of oil. What's interesting here is a draw of distillates of 5 million plus barrels with a draw of 5 million plus draw of gasoline stockpiles. The gasoline draw will only increase in the coming months along with Jet fuel demand. The average family will have less money for expensive

[BayStreetWolfTO]

Hi Wild, SPR draw was -3.9m...yes media can mislead especially Julianne G... Big product draw and oil should be reduced by the SPR.. That said many ignore API... Looking to see what the EIA says tomorrow.  With those products drawing demand destruction? Nope Oil is timing and SPR....products drawing is what I want to see. WTI after the data up...