Distillate Inventories Declined 2.88 Million Barrels, API Says

Distillate fuel inventories fell 2.88 million barrels to 141.6 million last week, the American Petroleum Institute said.

Crude oil inventories rose 148,000 barrels to 340 million, the report showed. Gasoline stockpiles fell 1.5 million barrels to 207.1 million.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, fell 886,000 barrels to 31.2 million.

The Energy Department is scheduled to release its inventory report tomorrow at 10:30 a.m. in Washington.

The government report may show stockpiles of crude oil rose 500,000 barrels last week, according to the median of 13 responses in a Bloomberg News survey. Gasoline inventories probably gained 1 million barrels, the survey showed. Distillates were expected to decline 2.2 million.

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 Energy Department for its weekly survey.

Crude oil for December delivery rose $1.51, or 1.6 percent, to $97.03 a barrel at 4:31 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $96.80, traded at $96.93 before the report was released at 4:30 p.m.

To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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