API Oil Inventories, Last Two Months

Source: American Petroleum Institute

The latest crude oil inventory figures showed a drawdown from last week. The data take on a bullish tone, as analysts and experts were looking for a build of 1.4 million barrels, according to a

Reuters

poll. Contrary to what experts were expecting, U.S. crude oil actually fell by 589,000 barrels, to 288.45 million, for the week ending Jan. 5, according to the

American Petroleum Institute

(API). Crude oil inventories are now down 1.8% vs. the same period a year ago, when they were at 293.77 million barrels. After hours, near-month crude was trading at $27.72, up $0.08.

Total U.S. distillate inventories rose 33,000 barrels, to 118.21 million barrels, contrary to expectations of a build of 1 million barrels. Distillate stocks are now down 6.7% vs. the same period a year ago, when they were at 126.65 million barrels.