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Oil, Distillate Stockpiles Increased Last Week, API Reports

Dec. 13 (Bloomberg) -- Crude oil inventories rose 462,000 barrels to 334.6 million last week, the American Petroleum Institute said.

Distillate fuel inventories increased 1.24 million barrels to 142.4 million, the API’s weekly report showed. Gasoline stockpiles slipped 12,000 barrels to 215.3 million.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, gained 94,000 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 fell 2.5 million barrels last week, according to the median of 12 responses in a Bloomberg News survey. Gasoline inventories probably advanced 1.2 million barrels, and distillate inventories probably rose 1 million barrels, the survey showed.

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 January delivery rose $2.27 to $100.04 a barrel at 4:31 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $100.14, traded at $99.96 before the report was released at 4:30 p.m.

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

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

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