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Crude is mixed in Asia as API estimates are digested
On Wednesday, crude was mixed in Asia, with market participants digesting industry estimates on American inventories of crude as well as refined products as they await official data.
In New York, October delivery crude futures grew 0.08% being worth $48.27 a barrel. At the same time in London Brent futures tumbled 0.28% reaching $54.12 a barrel.
At the end of the previous week American crude stocks rallied by 6.18 million barrels, as the American Petroleum Institute unveiled on Tuesday, which is more than the 2.5 million surge expected.
Gasoline supplies went down 7.90 million barrels, while distillates sagged by 1.81 million barrels as major refineries in Houston as well as Corpus Christi were offline. By the way, the Energy Information Administration is expected to issue an official report on Wednesday.
Evidently, there’s usually a wide divergence between the EIA and API figures.
Overnight, crude settled higher right after a report disclosed that OPEC output tumbled in August, although profits were capped because market participants braced for American crude inventory due data expected to offer a decent build in stockpiles.
Australian Private Capital Expenditure will be out on Thursday at 2:30 MT time!
Oil jumped to March high, stocks are heading to record highs, while the US dollar is on the back foot.
News geeks get ready for the chain of US reports, which starts at 15:30 MT time on November 25!