API Reports Significant Crude Draw, Cushing Inventories Drop

Crude oil inventories in the United States fell by a staggering 7.4 million barrels for the week ending August 30, according to The American Petroleum Institute (API). Analysts had expected a far smaller 900,000-barrel dip. For the week prior, the API reported a 3.4-million-barrel decrease in crude inventories. So far this year, crude oil inventories are more than 2 million barrels under where they were at the start of the year, having decreased by 10 million barrels, according to API data. On Tuesday, the Department of Energy (DoE) reported that…