Crude oil prices moved higher today, after the Energy Information Administration estimated a draw in oil inventories of 7.1 million barrels for the week to August 12. This compared with a build of 5.5 million barrels reported for the previous week. A day earlier, the American Petroleum Institute estimated a modest crude draw of 448,000 barrels for the week to August 12. In gasoline, the EIA estimated an inventory draw of 4.6 million barrels for last week, which compared with a 5-million-barrel decline for the previous week. Gasoline production averaged 10 million bpd last week, which compared with 10.2 million bpd during the previous week. In middle distillates, the EIA reported an inventory build of 800,000 barrels, which compared with a much needed build of 2.2 million barrels for the previous week as inventories have fallen to critical levels. Middle distillate production averaged 5.1 million barrels daily, compared with […]