Oil and Gasoline Stockpiles Advanced Last Week, API Reports

Crude oil inventories rose 2.9 million barrels to 337.8 last week, the American Petroleum Institute said.

Gasoline stockpiles rose 1.81 million barrels to 230.7 million, the API’s weekly report showed. Distillate fuel inventories fell 2.16 million barrels to 142.1 million.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, rose 1.98 million to 32.5 million.

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

The government report may show stockpiles of crude oil rose 1.6 million barrels last week, according to the median of 12 responses in a Bloomberg News survey of analysts. Gasoline inventories probably gained 775,000 barrels, the survey showed. Distillates were expected to slip by 1.1 million barrels.

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 March delivery rose 3 cents to $100.94 a barrel at 4:31 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $100.74, traded at $101.17 before the report was released at 4:30 p.m.

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