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MTECHTIPS:-NYMEX crude gains in early Asia on large API drawdown

MTECHTIPS:-NYMEX crude gains in early Asia on large API drawdown

 Crude oil prices gained in Asia on Wednesday as industry data showed a much larger than expected draw in U.S. stockpiles last week. The American Petroleum Institute said crude stocks fell a whopping 3.7 million barrels last week, compared to an estimate ofa 700,000 barrels drop. Data on refined products was no tr immediately available. Later Wednesday, the U.S. Department of Energy will release its own estimates on crude and refined produc stockpiles. Last week, WTI crude futures soared by nearly 6% in Wednesday’s session, after the U.S. Energy Information Administration (EIA) reported a significant draw in crude stockpiles over the previous week. For the week ending on Sept. 11, crude inventories nationwide fell by 2.1 million to 455.9 million barrels, near its highest level at this time of year in at least 80 years. Wednesday’s government report could show that U.S. crude inventories fell by another 1.0 million barrels for the week ending Sept. 18. Elsewhere, investors await the release of manufacturing data in China for further indications of the economic health of the world’s second-largest economy. On Tuesday, the Asian Development Bank lowered its 2015 economic growth projections for China from 7.2% and 6.8%. The U.S. and China are the top two importers of oil in the world, each bringing in more than 7.0 million barrels per day. On the New York Mercantile Exchange, WTI crude for November delivery traded up 0.67% to $46.59 a barrel. Overnight, U.S. crude futures fell mildly on Tuesday paring some losses late in the session, amid continued fears of softening demand throughout global energy markets. On the Intercontinental Exchange (ICE), Brent crude for November delivery wavered between $47.70 and $49.17 a barrel, before closing at $49.03, up 0.11 or 0.22% on the day. The spread between the international and U.S. benchmarks of crude stood at $2.73, remaining at near eight-month lows.

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