API: Crude Stocks Soar After Storm; Gasoline Back to Build


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. crude oil stockpiles plunged on the week ended 
January 30, after production shut-ins driven by Winter Storm Fern, American 
Petroleum Institute (API) data showed on Tuesday (2/3).

   Distillate balances also fell while gasoline stocks returned to builds last 
week, according to the same data.

   U.S. commercial crude oil stocks plunged by 11.1 million bbl in the period 
of reference, registering a second consecutive week of declines. Oil traders 
had anticipated a stockpile build of 700,000 bbl instead.

   The large crude draw reported by the API came on the back of Storm Fern, 
which led to production outages of approximately 2 million bpd in the Permian 
Basin in Texas and New Mexico, according to analysts.

   The crude inventory draw for the profiled week was accompanied by a 1.4 
million bbl tumble at the Cushing, Oklahoma delivery point for NYMEX West Texas 
Intermediate futures. In the prior week, Cushing inventories saw a 92,000 
million bbl decline.

   Distillate fuel oil stocks fell by 4.8 million bbl, compared to a 2 million 
bbl build the prior week.

   Gasoline inventories surged by 4.7 million bbl week-over-week, compared to a 
415,000 bbl drop last week.




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