API: Oil Inventories Decline And Gasoline Inventories Rise

Data from the American Petroleum Institute (API) showed that crude oil inventories declined in the United States last week, while gasoline inventories rose.

Crude inventories fell by 831 thousand barrels in the week ending September 25 to about 494.4 million barrels, while analysts’ expectations indicated an increase of 1.6 million barrels.

Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories up by 1.9 million barrels last week.

Crude stocks at the delivery center in Cushing, Oklahoma, rose 1.6 million barrels. The Petroleum Institute data showed that the consumption of crude refineries rose by 374 thousand barrels per day.

The API data also reportedly showed gasoline stockpiles climbed by 1.6 million barrels, while distillate inventories fell by 3.4 million barrels.

Distillate stocks, which include diesel and heating oil, decreased by 3.4 million barrels, compared to expectations for a decline of 917,000 barrels.