API reports Larger-than-Expected Build in Crude Inventory
OAKHURST, N.J. (DTN) -- The American Petroleum Institute reported a
larger-than-expected build in commercial crude oil inventory through Jan. 20
while showing distillate stocks dropped more than expected and the build in
gasoline inventory fell short of expectations.
API reported commercial crude oil stocks rose 3.378 million bbl last week,
well above an expected 100,000 bbl build. Stocks at the Cushing, Oklahoma tank
farm, the New York Mercantile Exchange delivery point for West Texas
Intermediate futures, rose 3.928 million bbl last week.
Gasoline inventory added 620,000 bbl last week, below calls for a build of 1
million bbl. API reported distillate supply dropped 1.929 million bbl as of
Jan. 20, above calls for a 1 million bbl draw.
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