Oil Markets React Stoically To Strong Crude Inventory Draw

Amid the shutdown of 20 percent of U.S. refining capacity
caused by Hurricane Harvey and the pending shutdown of more
refineries as the storm moves on to Louisiana, the EIA’s latest
weekly inventory report may limit the fall in WTI prices. The
authority reported a draw of 5.4 million barrels for the week
ending August 25, a day after the American Petroleum Institute
estimated these inventories had fallen by 5.78 million barrels in
the period. Analysts had expected a decline of 1.75 million
barrels. Despite the almost uninterrupted string…

Amid the shutdown of 20 percent of U.S. refining capacity
caused by Hurricane Harvey and the pending shutdown of more
refineries as the storm moves on to Louisiana, the EIA’s latest
weekly inventory report may limit the fall in WTI prices. The
authority reported a draw of 5.4 million barrels for the week
ending August 25, a day after the American Petroleum Institute
estimated these inventories had fallen by 5.78 million barrels in
the period. Analysts had expected a decline of 1.75 million
barrels. Despite the almost uninterrupted string…