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API Reports Crude Inventory Build As Demand Falters

API Reports Crude Inventory Build As Demand Falters

The American Petroleum Institute (API) reported a build of 2.791 million barrels in United States crude oil inventories, compared to analyst expectations of a build of 4.022 million barrels for the week ending September 1.

 
Gasoline inventories fell by 2.544 million barrels for the week ending September 1, against a larger expected draw of 5.0 million barrels.
 

That US crude oil inventories would build in the wake of Hurricane Harvey was largely anticipated, with some saying as much as 40-60 million barrels could be added to inventory while shuttered refineries struggle to come back online.

Distillate inventories fell this week, by 603,000 barrels, while inventories at the Cushing, Oklahoma, site increased by 669,000 barrels.