Market Overview

I think you’ll love what you hear,
what you’ll see and the opportunities
that will be set before you.
- Jon Najarian

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

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!
Lightning Fast
Market News Service
$199 Free 14 Day Trial

Benzinga's M&A Chatter for Tuesday, October 18, 2016

Exclusive: RLJ CFO Says AMC Networks Deal Could Result In 'Something Bigger Than We Ever Planned'