API: Crude Stocks Reverse to 2.69M Bbl Build

DAVENPORT, FL (DTN) – U.S. commercial crude oil stockpiles returned to a weekly build during the week ended July 31, while gasoline inventories also increased and distillate fuel stocks declined, the American Petroleum Institute (API) reported on Tuesday (8/4).

U.S. commercial crude oil stocks rose by 2.69 million bbl last week, reversing the 3.296 million bbl draw reported in the previous week.

API reported a crude inventory build of 2.358 million bbl at the Cushing, Oklahoma, delivery point for NYMEX West Texas Intermediate futures, above the 273,000 bbl increase reported during the prior week.

Gasoline inventories increased by 156,000 bbl, below the 918,000 bbl build reported in the previous week.

Distillate fuel oil stocks fell by 1.2 million bbl, above the 125,000 bbl draw reported last week.