API: crude oil inventories -5.2 mln bbls

API crude oil inventories data for the week ended May 15: fall of 5.2 million bbls

Note - This data is out to API subscribers at 4.30pm ET and released publicly at 4.35pm ET

• US weekly crude stocks: -5.2 mln bbls
• Weekly crude stocks at Cushing -217,000 bbls

The API data is closely watched as its thought to give an idea of the EIA data due tomorrow morning (US time).

The 'expected' for the data from EIA tomorrow was (prior to this API data release) -730K for US Crude Oil Inventories

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That's a big draw

Oil price is up a little, but not by much