API: Crude Stocks Extend Draw to 6th Week


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. crude oil stockpiles declined for a sixth 
consecutive week, while gasoline inventories posted a weekly increase and 
distillate fuel inventories moved lower, according to inventory data released 
by the American Petroleum Institute (API) on Tuesday (6/2).

   U.S. commercial crude oil stocks fell by 6.75 million bbl during the week, 
above the 2.8 million bbl decline reported the previous week and exceeding 
expectations for a 3.6 million bbl draw.

   API reported a weekly crude inventory draw of 279,000 bbl at the Cushing, 
Oklahoma, delivery point for NYMEX West Texas Intermediate futures, below the 
2.875 million bbl decrease seen in the prior week.

   Gasoline inventories increased by 3.45 million bbl in the reported week, 
reversing the 3.199 million bbl decline recorded in the previous week.

   Distillate fuel oil stocks fell by 214,000 bbl, reversing the 1.1 million 
bbl increase seen in the prior week.

   The U.S. Strategic Petroleum Reserve declined by 8 million bbl during the 
profiled week, according to the data.

    




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