Crude oil and oil ETFs are surging in Tuesday’s after-hours session, after the American Petroleum Institute released its weekly
data, revealing an inventory draw of 3.8 million barrels. The Street was expecting a build of about 2.4 million barrels, after last
week’s 2.7 million barrels build.
On the other hand, gasoline inventories saw a build of 0.9 million barrels over the week, while distillate witnessed a decline
of 2.3 million barrels.
The Energy Information Administration data will be out on Wednesday, and will confirm or refute API’s figures, so keep an eye on
it. Also important is Baker Hughes Incorporated (NYSE: BHI)’s data, out on Friday.
The United States Oil Fund LP (ETF) (NYSE: USO) gained more than 0.6 percent since the market closed, while the
VelocityShares 3X Long Crude ETN linked to the S&P GSCI Crude Oil Index Excess (NYSE: UWTI) rose 2.3 percent.
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