API: Crude Stocks DN 8.14M Bbl; Distillates, Gasoline Drop

SECAUCUS, NJ (DTN) – The American Petroleum Institute (API) cited an 8.41-million bbl decline in commercial crude stocks for last week, adding to the prior weekly decline of 1.79 million bbl, energy market participants who saw the latest API data told DTN on Tuesday (5/5).

The Cushing, Oklahoma delivery point for NYMEX WTI futures, saw a deficit of 1.0 million bbl during the week ended May 1, in line with the broader inventory slide in crude stocks.

Gasoline balances fell by 6.1 million bbl last week, after an 8.47-million bbl slide the week before.

Distillate fuel supply slumped by 4.6 million bbl, deepening the previous week’s decline of 2.6 million bbl.