U.S. Crude Stocks Drop in Latest Week- API

SEATTLE (Oil Monster): U.S. crude oil stocks fell in the most recent week while gasoline and distillate inventories rose, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories fell by 5.9 million barrels in the week to Jan. 3, to 430 million barrels, compared with analysts’ expectations for a draw of 3.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1 million barrels, API said.

Refinery crude runs fell by 25,000 barrels per day, API data showed.

Gasoline stocks rose by 6.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.7 million-barrel gain.

Distillate fuel inventories, which include diesel and heating oil, rose by 6.4 million barrels, compared with expectations for a 3.9 million-barrel increase, the data showed.

U.S. crude imports fell last week by 23,000 barrels per day to 5.9 million bpd. 

Courtesy: www.reuters.com