Investing.com - US crude stockpiles possibly fell as much as 2.7 million barrels last week, petroleum trade group API said Tuesday, reporting a second straight week of declines that suggested that strong exports were again influencing inventories.
Typically at this time of year, demand for fuels is softer in the United States as fewer families do trip roads with their children back in school or college. But with the refinery industry on seasonal maintenance, larger-than-usual declines in fuel stocks are also common with limited replenishments coming in.fell by 2.668M barrels during the week ended Oct. 20, according to the API. That contrasted with a 4.383M-barrel slump in the prior week to Oct.
On the fuel side, the petroleum trade group reported a gasoline inventory slide of 4.169MM barrels and distillate stock drop of 2.313M barrels. In the prior week, gasoline saw a 1.578-M barrel deficit while distillates experienced a 0.612M drop.