NYMEX and Brent slump as API estimates show gasoline build
On Wednesday, crude prices went down during Asia trade in ongoing reaction to American industry estimates of stockpiles the previous week that unveiled that gasoline inventories suddenly grew even amid tumbling crude stocks.
In New York, September delivery WTI crude futures dropped 0.52%, trading at $46.34 per barrel, while October delivery Brent crude futures sagged 0.73%, hitting $48.87 per barrel.
The American Petroleum Institute reported a greater-than-expected one million-barrel sink in American crude supplies, while gasoline supplies leapt 2.2 million barrels by August 12, a worrying demand indication ahead of the end of the summer driving season.
Meanwhile, energy traders wait for the release of the API's weekly crude stockpile news on Tuesday evening for further clues on the supply-demand balance in crude markets throughout America.
Besides this, Wednesday's government report from the US Energy Information Administration could reveal that American crude inventories tumbled by 333,000 barrels by August 12.