HOUSTON (DTN) -- Energy Information Administration (EIA) and American Petroleum Institute (API) data showing a drop in U.S. oil inventories for the second consecutive week, as of August 22, set a bullish tone in the crude oil futures market on Wednesday. Gasoline and distillate stocks also reported a draw during the reference week, according to both agencies.
This morning, the EIA reported commercial crude stocks declined by 2.4 million bbl to 418.3 million bbl last week, down by 6.9 million bbl compared to the same period last year. The draw follows a 6.0 million bbl decline in the week ending August 15. On Tuesday (8/26), the API reported U.S. commercial a 974,000 bbl draw on crude oil inventories in the same period.