The American Petroleum Institute (API) reported a crude oil inventory draw of 650,000 barrels for the week ending Jan 11, compared to analyst expectations that we would see a draw in crude oil inventories of at least 2.5 million barrels. Last week, the API reported a surprise crude draw of 6.127 million barrels. A day later, the EIA showed that inventories had drawn down 1.7 million barrels from the previous week. Leading up to today’s data release from the API, crude oil prices were trading up on the day after a rough start to the week,…
