Market Overview

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

Oil Pumps Higher On Surprise 3.8 Million Barrel Draw In Oil Inventory
Related USO
Is It Finally Time For Oil ETFs To Shine?
As Hurricanes Blow Over, What Could Oil And Gasoline Prices Do Next?
Related UWTI
One Key To Extending Your Longevity? Avoid Crude Oil Future Trades
Don't Expect OPEC To Make Changes To Its Agreement

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.

Posted-In: APINews Commodities Econ #s After-Hours Center Markets Best of Benzinga


Related Articles (USO + BHI)

View Comments and Join the Discussion!