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U.S. crude stockpiles had another multi-million barrel build last week, trade group API said Tuesday, as refiners slowed down the output of fuel products amid an unseasonably warm winter.
U.S. crude inventories rose by 3.378M barrels during the week ended Jan. 20, the API said. In the previous week to Jan. 13 and Jan 6, the API reported back-to-back crude builds of 7.615M and 14.865M barrels.
Specifically for the Cushing, Oklahoma delivery point for U.S. crude, the API reported a stockpile build of 3.928M barrels, after the previous week’s rise of 3.7M barrels.
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