API: A Sudden Increase in Oil Inventories Last Week

Data from the American Petroleum Institute showed, Tuesday, that oil inventories in the United States increased unexpectedly last week as refiners cut back activity due to a wave of severe cold that hit the US Gulf Coast region.

Crude inventories increased by one million barrels in the week ending February 19, to about 469 million barrels, while analysts polled by Reuters had expected a decline of 5.2 million barrel.

Oil inventories at the delivery centre in Cushing, Oklahoma rose by 2.8 million barrels.

The Petroleum Institute data showed that the consumption of crude refineries fell by 2.2 million barrels.

Gasoline stocks rose by 66 thousand barrels with analysts’ expectations, which were indicating a decrease of 3.1 million barrels.

Distillate stocks, which include diesel and heating oil, fell 4.5 million barrels, while they were expected to decline by 3.7 million barrels.

The data showed that the United States’ imports of crude oil last week decreased by 521 thousand barrels per day.