Gasoline Inventories Offset Falling Distillates Stocks

Crude oil inventories in the United States rose this week, by 674,000 barrels for the week ending February 2, according to The American Petroleum Institute API, after analysts predicted a build of 2.133 million barrels. The API reported a 2.5-million-barrel dip in crude inventories in the week prior. On Tuesday, the Department of Energy DoE reported that crude oil inventories in the Strategic Petroleum Reserve SPR rose by 0.6 million barrels as of February 5. Inventories are now at 357.

benchmark WTI was trading up on the day by 0.93% at $73.46, also down more than $4 per barrel compared to this time last week. Gasoline inventories saw yet another build this week, rising by 3.652 million barrels after rising by 600,000 barrels in the week prior. As of last week, gasoline inventories were about 1% above the five-year average for this time of year, according to the latest EIA data. Distillate inventories fell this week by 3.699 million barrels, after falling by 2.

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