Oil Stockpiles Rose and Products Fell Last Week, API SaysMark Shenk
Oil supplies rose 5.18 million barrels to 388.4 million last week, the American Petroleum Institute said.
Distillate fuel inventories fell 1.14 million barrels to 114.9 million, the API’s weekly report showed. Gasoline stockpiles dropped 2.71 million to 217.1 million.
Crude at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, slipped 1.39 million barrels to 49.7 million.
The Energy Information Administration, the Energy Department’s statistical arm, is scheduled to release its inventory report at 10:30 a.m. tomorrow in Washington.
The government report may show supplies of oil increased 1.1 million barrels last week, according to the median of 11 responses in a Bloomberg survey of analysts. They also forecast gasoline stockpiles dropped 900,000 barrels and distillate inventories gained 250,000.
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.
Crude oil for June delivery fell $1.55, or 1.6 percent, to $92.95 a barrel at 4:32 p.m. in electronic trading on the Nymex. The contract, which settled at $93.46, traded at $92.97 before the report was released at 4:30 p.m.