API: Crude Stocks And a Sharp Increase in Distillates Last Week

The American Petroleum Institute data said Tuesday that inventories of crude oil, gasoline and distillates in the United States increased at the fastest pace in the latest week.

Crude inventories rose by 2 million barrels in the week ending on December 11, to about 495 million, compared with analysts’ expectations in a Reuters poll for a 1.9 million decline.

The Petroleum Institute said crude stocks at the delivery center in Cushing, Oklahoma, fell by 165,000 barrels.

The Petroleum Institute data indicated a decline in crude consumption by refineries by 95 thousand barrels per day.

Gasoline stocks rose by 828,000 barrels, while analysts’ expectations in a Reuters poll indicated an increase of 1.6 million barrels.

Distillate stocks, which include diesel and heating oil, rose 4.8 million barrels, compared with expectations for an increase of 886,000 barrels.

The data showed that the United States’ imports of crude fell 68 thousand barrels per day.