API Oil Inventories (Last Two Months)
Source: American Petroleum Institute
Crude oil supplies rose by almost 4.1 million barrels during the week ended Feb. 9, the
American Petroleum Institute
(API) reported Tuesday. According to a
poll, analysts were looking for a build of just 2 million barrels. The data take on a bearish tone because crude oil supplies -- in addition to being up this week -- were revised upward 800,000 barrels for the week ended Feb. 2 as well. Total supplies of crude oil now stand at 290.73 million barrels, a surplus of nearly 7.9 million barrels vs. a year ago.
For the same period ended Feb. 9, distillate stocks (heating oil and diesel fuel) increased by 938,000 barrels, counter to a draw of a million barrels the market was expecting. Supplies are now at 113.78 million barrels, an 8.99 million-barrel surplus compared to a year ago.