API: Crude Stocks Continue 11-Week Decline


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. crude oil stockpiles declined for an 11th 
consecutive week during the week ended July 3, while gasoline and distillate 
inventories also moved lower, the American Petroleum Institute (API) reported 
on Tuesday (7/7).

   U.S. commercial crude oil stocks fell by 399,000 bbl last week, below the 
6.072 million bbl draw reported in the previous week.

   API reported a crude inventory draw of 69,000 bbl at the Cushing, Oklahoma, 
delivery point for NYMEX West Texas Intermediate futures, reversing the 503,000 
bbl build seen during the prior week.

   Gasoline inventories declined by 2.929 million bbl, above the 2.106 million 
bbl draw reported in the previous week.

   Distillate fuel oil stocks fell by 1.801 million bbl, reversing the 2.9 
million bbl increase reported last week.




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