Bloomberg News

Crude Oil, Gasoline Stockpiles Rose Last Week, API Reports

October 25, 2011

Oct. 25 (Bloomberg) -- Crude oil inventories rose 2.71 million barrels to 340 million last week, the American Petroleum Institute said.

Gasoline stockpiles rose 153,000 barrels to 209.7 million, the report showed.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, added 1 million barrels to 32.1 million.

The Energy Department is scheduled to release its inventory report tomorrow at 10:30 a.m. in Washington.

The government report may show stockpiles of crude oil rose 1.48 million barrels last week, according to the median of 12 responses in a Bloomberg News survey. Gasoline inventories probably fell 1.75 million 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 rose $1.29, or 1.4 percent, to $92.56 a barrel at 4:31 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $93.17, traded at $92.87 before the report was released at 4:30 p.m.

--Editors: Richard Stubbe, Charlotte Porter

-0- Oct/25/2011 20:32 GMT

To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net -0- Oct/25/2011 20:17 GMT


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