API: Crude Stocks DN 2.2M Bbl; Distillates DN, Gasoline Up

SECAUCUS, NJ (DTN) – The American Petroleum Institute (API) cited a 2.188-million bbl decline in commercial crude stocks for the week ended May 8, adding to the prior weekly decline of 8.14 million bbl, energy market participants who saw the latest API data told DTN on Tuesday (5/12).

The precise stock level for crude at the Cushing, Oklahoma delivery point for NYMEX WTI futures was not immediately known. In the prior week to May 1, Cushing saw a deficit of 1.0 million bbl.

Distillate fuel supply fell by 319,000 bbl, deepening the previous week’s decline of 4.6 million bbl.

Gasoline was the only component of the API data to witness a stockpile build, with inventories rising 502,000 bbl last week, after a 6.1-million bbl slide the week before.