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Wednesday, August 10, 2022

API Says US Crude Stocks Up 3.947 Mln Barrels, More Than Expected

API Says US Crude Stocks Up 3.947 Mln Barrels, More Than Expected© Reuters. API estimates

Investing.com – The American Petroleum Institute (API) on Tuesday said its weekly estimates of stocks showed a build of 3.947 million barrels, more than the 2.825 million barrels gain seen.

Gasoline inventories rose 4.634 million barrels, above the 1.229 million barrels expected and distillates rose 1.095 million barrels, compared to a 1.130 million barrels decline seen. Supplies at the oil storage hub of Cushing, Oklahoma, fell by 2.310 million barrels.

The estimates will be followed by official data from the Energy Information Administration (EIA) on Wednesday. The API and EIA figures often diverge.

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Source: Investing.com

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