On Tuesday, the American Petroleum Institute (API) data showed that the US crude oil inventory fell while the stockpiles of gasoline and distillate rose.
In the week ended May 29, crude stocks dropped by 483,000 barrels to 531 million barrels. The level was in contrast with analysts’ estimates for a gain of 3 million barrels.
At the Cushing, Oklahoma delivery hub, crude inventory slumped by 2.2 million barrels. Refinery crude run went down by 50,000 bpd.
On the other hand, gasoline stockpiles climbed by 1.7 million barrels, higher than analysts’ expectations of a build of 1 million barrels. Distillate fuel stocks soared by 5.9 million barrels, way beyond the 2.7 million barrels increase prediction.
The country’s crude imports plunged by 1.3 million bpd in the period.
