API: Crude Stocks Rise and Gasoline Falls

American Petroleum Institute data on Wednesday showed that US inventories of crude oil and distillates increased last week, while gasoline inventories declined.

Crude inventories increased by 3 million barrels over the week ending in the fourth of September to about 504.1 million barrels, while analysts expected a decrease of 1.4 million barrels.

Crude stocks at the delivery point in Cushing, Oklahoma, grew by 2.6 million barrels, the institute said.

The Petroleum Institute data indicated a decrease in crude consumption by refineries by 888 thousand barrels per day.

Gasoline inventories fell 6.9 million barrels, compared to analysts’ expectations in a Reuters poll for a drop of 2.4 million barrels. According to the numbers, distillate stocks, which include diesel and heating oil, 2.3 million barrels, while 557 thousand barrels were expected to decrease.

US crude imports grew by 591,000 barrels per day, the data showed.