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U.S. crude, fuel stocks up across the board last week - API 

Published Jun 13, 2023 05:00PM ET
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Investing.com -- U.S. crude stockpiles likely rose last week along with inventories of fuel, petroleum industry group API indicated in a report Wednesday that matched market expectations for builds across the board in oil inventories.

The U.S. crude inventory balance rose by 1.024 million barrels during the week ended June 9, according to the API, or American Petroleum Institute. The petroleum industry group reported a crude draw of 1.71M barrels in the prior week to June 2.

Aside from the overall crude stockpile build, the API cited an inventory growth of 1.502M barrels specifically at the Cushing, Oklahoma hub that takes delivery of U.S. crude. In the prior week, it reported a Cushing build of 1.535M barrels.

On the fuel side, API reported a gasoline inventory rise of 2.075M barrels and a distillate stock climb of 1.394M barrels. In the previous week, it noted a 2.471M barrel build for gasoline and 4.5M gain for distillates.

The API data serves as a precursor to official inventory data on the same due from the U.S. Energy Information Administration, or EIA, on Wednesday.

For the week to June 9, analysts tracked by Investing.com expect the EIA to report a crude stockpile gain of 1.482M barrels, versus the 0.451M reduction reported during the week to June 2.

On the gasoline inventory front, the consensus is for a rise of 0.637M barrels on top of the 2.746M barrel build in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product.

With distillate stockpiles, the expectation is for a spike of 0.922M barrels versus the prior week’s jump of 5.075M. Distillates are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets.

U.S. crude, fuel stocks up across the board last week - API 
 

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Comments (4)
Rana Nadeem
Rana Nadeem Jun 13, 2023 8:44PM ET
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Big darama .. crude oil & gold
Warm Camp
Warm Camp Jun 13, 2023 6:13PM ET
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Please, be informed that Biden administration released 1.9 Mb from SPR during the reported week.
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Warm Camp
Warm Camp Jun 13, 2023 6:13PM ET
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Barani Krishnan  Every other number in API report is not “official and precise” and will be repeated with some deviation by EIA tomorrow. Why do you make an exception for SPR releases only? Actually, it is about the only number, which is the same in both reports. Also, I did not tell you how to “do your job”. Quite possible, your employer instructs you in this regard. On the other hand, I supplied readers with info, missed in your article. Better writers appreciate such things.
The Six Trade
The Six Trade Jun 13, 2023 6:13PM ET
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Ahh I see. So you don’t wait for the EIA before reporting this statement“ fuel stocks up across the board last week". If your doing a job, better do it right.
Barani Krishnan
Barani Krishnan Jun 13, 2023 6:13PM ET
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I don't have to wait for the EIA for that because this is a report attributed to the API! The SPR, meanwhile, is the domain of EIA, given that it's the statistical arm of the DoE. You should read more before commenting.
Barani Krishnan
Barani Krishnan Jun 13, 2023 6:13PM ET
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Hey WC, you can't stop gnawing on the same bone each week, can you? Can't you get it that this is a preliminary read by the API and it is all about what the industry group says? The API report doesn't have a reading on SPR, so we leave it to the EIA to do that. Every news wire does that, from Reuters to Bloomberg to Dow Jones. Why don't you go and bark at them too? LOL
Barani Krishnan
Barani Krishnan Jun 13, 2023 6:13PM ET
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WC, by your own words, go get the "better writers" at the news wires to give you the SPR number in their API reports too. LOL
Rubbing Hands
Rubbing Hands Jun 13, 2023 5:58PM ET
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Looks bullish, doubling down over here ...
Jim Morrison
Jim Morrison Jun 13, 2023 5:33PM ET
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250 million barrel draw if you count SPR . but of course that is never mentioned. keep poking the bear.
Barani Krishnan
Barani Krishnan Jun 13, 2023 5:33PM ET
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Put the 250 million in your history books. That's where it belongs.
Rubbing Hands
Rubbing Hands Jun 13, 2023 5:33PM ET
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Barani Krishnan until it comes back to slap barni in the face 👀
The Six Trade
The Six Trade Jun 13, 2023 5:33PM ET
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Manipulated Reporting at its best lol
Barani Krishnan
Barani Krishnan Jun 13, 2023 5:33PM ET
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It'll slap you in the rear first, RH! LOL
 
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