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Investing.com — U.S. crude stockpiles likely rose last week along with inventories of fuel, petroleum industry group API indicated in a report Wednesday that matched market expectations for builds across the board in oil inventories.
The U.S. crude inventory balance rose by 1.024 million barrels during the week ended June 9, according to the API, or American Petroleum Institute. The petroleum industry group reported a crude draw of 1.71M barrels in the prior week to June 2.
Aside from the overall crude stockpile build, the API cited an inventory growth of 1.502M barrels specifically at the Cushing, Oklahoma hub that takes delivery of U.S. crude. In the prior week, it reported a Cushing build of 1.535M barrels.
On the fuel side, API reported a gasoline inventory rise of 2.075M barrels and a distillate stock climb of 1.394M barrels. In the previous week, it noted a 2.471M barrel build for gasoline and 4.5M gain for distillates.
The API data serves as a precursor to official inventory data on the same due from the U.S. Energy Information Administration, or EIA, on Wednesday.
For the week to June 9, analysts tracked by Investing.com expect the EIA to report a crude stockpile gain of 1.482M barrels, versus the 0.451M reduction reported during the week to June 2.
On the gasoline inventory front, the consensus is for a rise of 0.637M barrels on top of the 2.746M barrel build in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product.
With distillate stockpiles, the expectation is for a spike of 0.922M barrels versus the prior week’s jump of 5.075M. Distillates are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets.
Source: Investing.com
