Crude inventories at Cushing increased last week, reports API


Crude inventories at Cushing increased last week, reports API


WASHINGTON (Bloomberg) -- Crude inventories increased last week at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, the American Petroleum Institute (API) said.

Inventories at the hub rose 202,000 barrels, the API’s weekly report showed. Total crude stockpiles gained 3 MMbbl. Distillate supplies were up 688,000 and gasoline fell 49,000.

Total crude inventories climbed 519,000 bbl to 388.7 MMbbl in the prior week, according to API data. They were 5.47 million above the year-earlier level.

The Energy Information Administration, the Energy Department’s statistical arm, is scheduled to release its inventory report on April 30.

The government report may show supplies of oil increased 2.2 MMbbl last week, according to the median of nine responses in a Bloomberg survey of analysts. Gasoline stockpiles declined 900,000 barrels and distillate inventories rose 500,000 in the survey.

API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the EIA for its weekly survey.

West Texas Intermediate crude for June delivery fell 6 cents to $100.78 a barrel in electronic trading on the Nymex. The contract settled at $101.28 and traded at $101.07 before the API report was released.

Related News ///


Comments ///

comments powered by Disqus