On Tuesday, data from the American Petroleum Institute (API) showed that last week, the US crude oil stocks went up while gasoline and distillate inventories fell.
In the week to October 16, crude stockpiles climbed by 584,000 barrels to 490.6 million barrels. Analysts only predicted a draw of 1 million barrels. In the Cushing, Oklahoma, delivery hub, crude inventories jumped by 1.2 million barrels. Refinery crude run dropped by 197,000 bpd.
On the other hand, gasoline stockpiles tumbled by 1.6 million barrels, failing to meet a Reuters poll estimate of a 1.8 million barrels draw. Distillate fuel stocks slumped by a whopping 6 million barrels, way exceeding expectations for a 1.7 million barrels drop.
Last week, the country’s crude imports edged up by 70,000 bpd.
