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U.S. crude inventories up by 3.3M barrels last week: API

Published 01/04/2023, 04:57 PM
Updated 01/04/2023, 04:59 PM
© Reuters.

By Barani Krishnan -- U.S. crude stockpiles rose last week for the first time in three weeks, trade group API said Wednesday, bucking market expectations for a continued drop in inventories from holiday road travels as well as trucking demand at the end of last year.

U.S. crude inventories rose by 3.298 M barrels for the week ended Dec. 30, the API, which stands for the American Petroleum Institute, said. The crude build compared with the back-to-back draw of 1.3 million barrels and 3.069M barrels in the prior weeks ending Dec 23 and Dec. 16.

The API inventory also showed a 1.2 M barrel build in gasoline and a 2.4M barrel decline in distillate stockpiles.

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

For last week, analysts tracked by expect the EIA to report a crude stockpile build of 1.154M barrels, versus the 718,000-barrel rise reported during the week to Dec. 23.

On the gasoline inventory front, the consensus is for a draw of 486,000 barrels, adding to the 3.105M-barrel decline in the previous week.

With distillate stockpiles, the expectation is for a drop of 396,000 barrels versus the prior week’s gain of 282,000.

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