API: Crude Stocks Up 3.7M Bbl, Rise 6th Week in Row

SECAUCUS, NJ (DTN) – The American Petroleum Institute (API) has cited a sixth consecutive weekly build in commercial crude oil stocks in its reading for the week ended April 3, energy market participants with access to the data told DTN on Tuesday (4/7).

The API reported that commercial crude oil stocks rose by 3.719 million bbl, according to the traders who saw the data. That extended a string of prior builds over five weeks that led to an accumulation of 36.156 million bbl.

Notwithstanding the broader inventory climb in crude, the Cushing, Oklahoma delivery point for NYMEX WTI futures, saw a decline of 600,000 bbl last week, according to the data. In the prior week ended March 27, Cushing saw build of 800,000 bbl.

Gasoline inventories also fell last week, by 4.0 million bbl, extending the 3.2 million bbl build decline from the previous week.

Distillate fuel supply slid by 600,000 bbl, adding to decrease of 1.0 million bbl in the prior reporting period.