U.S. crude stocks likely up 3M barrels last week – API
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Investing.com — U.S. crude stocks likely rose last week while inventories of gasoline and distillates were up as well, petroleum industry group API indicated in a preliminary report on Wednesday ahead of official inventory data.
The U.S. crude inventory balance possibly grew by 3.026 million barrels during the week ended July 7, according to the API, or American Petroleum Institute. The petroleum industry group reported a crude draw of 4.382M barrels in the prior week to June 30.
Notwithstanding the crude draw, the API cited a draw of 2.150M barrels last week at the Cushing, Oklahoma hub that takes delivery of U.S. crude. In the prior week, the API reported a Cushing build of 0.289M barrels.
On the fuels side, API reported a gasoline inventory build of 1.004M barrels and a distillate stock build of 2.908M barrels. In the previous week, it noted a 1.615M barrel build for gasoline and 0.604M gain for distillates.
EIA seen reporting draw for crude, builds for gasoline and distillates
The API numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration on Wednesday.
For last week, analysts tracked by Investing.com expect the EIA to report a crude stockpile drop of 2.156M barrels, versus the 1.508M barrel reduction reported during the week to June 30.
On the gasoline inventory front, the consensus is for a build of 0.827M barrels over the 2.550M-barrel decline in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product.
With distillate stockpiles, the expectation is for a climb of 0.170M barrels versus the prior week’s deficit of 1.045M. Distillates are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets.
