Oil Pumps Higher On Surprise 3.8 Million Barrel Draw In Oil Inventory

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 BHI’s data, out on Friday.

The United States Oil Fund LP (ETF) 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 UWTI rose 2.3 percent.