API: U.S. Crude Builds; Gasoline, Distillates Rise

DAVENPORT, FL (DTN) – U.S. crude oil stockpiles increased last week, snapping a two-week drawdown amid builds as well in gasoline and distillates, according to inventory data released by the American Petroleum Institute (API) late on Tuesday (12/23).

U.S. commercial crude oil stocks rose by 2.4 million bbl during the week, the API data showed. The build follows a 9.3 million bbl draw reported by API the prior week.

The crude inventory rise for the profiled week coincided with a 600,000 bbl increase at the Cushing, Oklahoma, delivery point for NYMEX West Texas Intermediate futures that reversed a 510,000-bbl draw recorded the previous week.

Gasoline inventories rose by 1.1 million bbl, adding to the 4.8 million bbl build in the prior week.

Distillate fuel oil stocks climbed by 700,000 bbl, after a 2.5 million bbl rise the previous week.