Bloomberg News

Oil Stockpiles Declined, Gasoline Advanced Last Week, API Says

January 18, 2012

Jan. 18 (Bloomberg) -- Crude oil inventories declined 4.81 million barrels to 330.1 million last week, the American Petroleum Institute said.

Gasoline stockpiles rose 4.31 million barrels to 225.3 million. Distillate fuel inventories declined 900,000 barrels to 145.3 million, the API’s weekly report showed.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, declined 819,000 barrels to 28.3 million.

The Energy Department is scheduled to release its inventory report at 11 a.m. tomorrow in Washington, a day later than usual because of the Martin Luther King Jr. holiday.

The government report may show stockpiles of crude oil rose 3 million barrels last week, according to the median of 12 responses in a Bloomberg News survey of analysts. Gasoline inventories probably gained 2.35 million barrels, the survey showed. Distillates were expected to grow by 1.38 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 February delivery gained 32 cents, or 0.3 percent, to $101.03 a barrel at 4:31 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $100.59, traded at $100.85 before the report was released at 4:30 p.m.

--Editors: Richard Stubbe, Margot Habiby

-0- Jan/18/2012 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- Jan/18/2012 21:16 GMT


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