Bloomberg News

Oil, Distillate, Gasoline Stockpiles Fell Last Week, API Reports

December 20, 2011

Dec. 20 (Bloomberg) -- Crude oil inventories fell 4.57 million barrels to 330 million last week, the American Petroleum Institute said.

Distillate fuel inventories fell 2.78 million barrels to 139.6 million, the API’s weekly report showed. Gasoline stockpiles declined 394,000 barrels to 213.9 million.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, dropped 1.01 million barrels to 30.2 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 2.13 million barrels last week, according to the median of 12 responses in a Bloomberg News survey. Gasoline inventories probably advanced 1.5 million barrels and distillate inventories probably fell 750,000 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 February delivery rose $3.41, or 3.6 percent, to $97.46 a barrel at 4:31 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $97.24, traded at $97.35 before the report was released at 4:30 p.m.

--Editors: Richard Stubbe, David Marino

-0- Dec/20/2011 21:33 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/20/2011 21:22 GMT


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