API: Crude, Gasoline Build; Distillates End 9-Week Rise

DAVENPORT, FL (DTN) – U.S. crude oil stockpiles increased for a third consecutive week, while gasoline inventories posted another build and distillate stocks recorded a modest draw, snapping a nine-week streak of increases, according to inventory data released by the American Petroleum Institute (API) on Wednesday (1/21).

U.S. commercial crude oil stocks rose by 3 million bbl during the week, easing from the 5.27 million bbl build reported the previous week.

The crude inventory build for the profiled week was accompanied by a 1.2 million bbl rise at the Cushing, Oklahoma, delivery point for NYMEX West Texas Intermediate futures, accelerating from a 945,000 bbl increase recorded the prior week.

Gasoline inventories increased by 6.2 million bbl, slowing from the 8.23 million bbl build reported a week earlier.

Distillate fuel oil stocks edged lower by 33,000 bbl, reversing last week’s 4.34 million bbl build and ending a nine-week stretch of inventory increases.