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U.S. crude oil stocks likely fell by almost 2.5 million barrels last week, with a build almost as large in distillates and a slight drop in gasoline stocks, petroleum industry group API indicated in a preliminary report on Tuesday ahead of the official inventory data from the EIA, today.
The petroleum industry group reported a crude build of 6.195M barrels in the prior week to Aug 11.
Along with the broader crude stockpile gain it reported for last week, the API cited a slide of 2.21M barrels last week at the Cushing, Oklahoma hub that takes delivery of U.S. crude. In the prior week, the API reported a Cushing deficit of 1.0M barrels.
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By Felicity Bradstock for Oilprice.com | The United Nations Development Programme (UNDP) and the...
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