Bloomberg News

Crude Oil, Gasoline Inventories Declined Last Week, API Reports

October 12, 2011

Oct. 12 (Bloomberg) -- Crude oil inventories declined 3.81 million barrels to 340.4 million last week, the American Petroleum Institute said.

Gasoline stockpiles fell 1.19 million barrels to 211.2 million, the report showed.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, rose 460,000 barrels to 30.5 million.

The Energy Department is scheduled to release its inventory report tomorrow at 11 a.m. in Washington. Both the API and DOE reports are delayed by a day because of the U.S. Columbus Day holiday on Oct. 10.

The government report may show stockpiles of crude oil rose 800,000 barrels last week, according to the median of 15 responses in a Bloomberg News survey. Gasoline inventories probably gained 250,000 barrels, the survey showed.

API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.

Crude oil for November delivery fell 82 cents, or 1 percent, to $84.99 at 4:31 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $85.57, traded at $84.83 before the report was released at 4:30 p.m.

--Editors: Richard Stubbe, Charlotte Porter

-0- Oct/12/2011 20:32 GMT

To contact the reporter on this story: Richard Stubbe in Houston at

To contact the editor responsible for this story: Dan Stets at -0- Oct/12/2011 20:12 GMT

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