API: Crude Stocks Jump 11.4M Bbl on Wk; Products Fall

SECAUCUS, NJ (DTN) –- The American Petroleum Institute (API) cited a large build in commercial crude oil stocks for last week in a report issued on Wednesday (2/24), while noting lower balances for gasoline and distillate fuel inventories.

Ther API said commercial crude oil stocks surged by 11.4 million bbl during the week ended February 20. Separately, stocks at the Cushing, Oklahoma delivery point for NYMEX WTI futures rose by 1.79 million bbl, aligning with the large crude build.

Gasoline balances declined by 1.53 million bbl while distillates supply fell by 2.77 million bbl during the reference week.