Bloomberg News

Oil Stockpiles Declined and Gasoline Rose Last Week, API Reports

December 06, 2011

Dec. 6 (Bloomberg) -- Crude oil inventories declined 5.04 million barrels to 334.1 million last week, the American Petroleum Institute said.

Distillate fuel inventories rose 1.68 million barrels to 141.1 million, the API’s weekly report showed. Gasoline stockpiles rose 5.97 million barrels to 215.4 million.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, dropped 1.22 million barrels to 31.1 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 fell 1.25 million barrels last week, according to the median of 12 responses in a Bloomberg News survey. Gasoline inventories probably rose 875,000 barrels, the survey showed. Distillates were expected to increase 1.15 million.

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 January delivery rose 14 cents to $101.13 a barrel at 4:31 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $101.28, traded at $101.07 before the report was released at 4:30 p.m.

--Editors: Richard Stubbe, David Marino

-0- Dec/06/2011 21:32 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- Dec/06/2011 21:16 GMT


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