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Crude Oil Stocks Rose 6 Million Barrels Last Week: API

Crude Oil Stocks Rose 6 Million Barrels Last Week: API
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By Barani Krishnan

Investing.com — U.S. crude stockpiles rose by more than 6 million barrels last week, according to data on Tuesday from industry group American Petroleum Institute (API) that came ahead of the release of official inventory numbers from the government that would include drawdowns from the national oil reserve.

U.S. crude inventories rose by 6.035 million barrels for the week ended Sept. 9, API reported. That compared with a build of 3.6 million barrels the trade group cited for the previous week to Sept. 2

The numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration (EIA) on Wednesday.

For last week, analysts tracked by Investing.com expect the EIA to report a crude stockpile build of 833,000 barrels, extending the 8.844-million barrel rise reported by the government agency during the week to Sept. 2.

The EIA will also include in its weekly report drawdowns of crude from the Strategic Petroleum Reserve (SPR), which typically change the math on the outflow.

The API also reported a drawdown of 3.23 million barrels for gasoline for last week, compared with the previous week’s outflow of 836,000. 

For distillates, the trade group reported a build 1.75 million barrels versus the drawdown of 1.833 million the prior week.

The EIA is expected to call for a drawdown of 858,000 barrels in gasoline for the week ended Sept.9, over the 333,000-barrel build the previous week.

For distillates, the expectation is for the EIA to report a climb of 600,000 barrels versus the prior week’s gain of 95,000 barrels.

Source: Investing.com

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