On Tuesday, data from the American Petroleum Institute (API) showed that the US crude inventories fell while the gasoline and distillate stocks rose.
In the week to November 29, the US crude inventories shrank by 3.7 million barrels to 445.9 million, way below analysts’ expectations of a 1.7 million barrels fall. Crude inventories at Cushing, Oklahoma, delivery hub dropped by 251,000 barrels and refinery crude runs jumped by 376,000 bpd.
Gasoline stockpiles climbed by 2.9 million barrels, way above Reuters’ poll of a gain of 1.8 million barrels. Distillate fuel stockpiles which includes diesel and heating oil jumped by 794,000 barrels, below expectations of a 1.1 million barrel increase.
In the period, the country imported 6 million bpd of crude, down by 678,000 bpd.
