API Oil Inventories, Last Two Months
Crude oil supplies fell by 1.99 million barrels during the week ended Jan. 19, the
American Petroleum Institute
(API) reported Tuesday. According to
, analysts were looking for a slight build of 0.15 million barrels, rather than the decrease in supplies. Total supplies of crude oil now stand at 288.44 million barrels, a drawdown of 0.7% from last week. In fact, the decline this week almost exactly matches the increase in barrels last week. Supplies are now down 3.1 million barrels, or 1.1% from this time last year.
For the same period ended Jan. 19, distillate oil stock decreased by 826,000 barrels to a total of 114.13 million barrels. Analysts were looking for a 1.75 million-barrel draw this week, over twice the actual, according to a
poll. Supplies are now down 0.53 million barrels, or 0.5%, from 114.67 million barrels in the year-ago period.