The industry- sponsored API estimated that crude oil inventory decreased -1 mmb in the week ended April 13. Cushing stock also dropped -1 mmb for the week. For refined oil products, gasoline stockpile declined -2.5 mmb while distillate slid -0.85 mmb for the week. The agency also estimated that US crude imports fell -0.66 mmb last week. This should remain the trend in coming years as abundant US shale production should reduce demand for overseas oil.
EIA, the US governmental agency, today probably reports a -1.43 mmb draw in crude oil inventory. Gasoline and distillate stockpiles might have dropped -0.23 mmb and -0.27 mmb respectively.
