By September 13, 2017 0 Comments Read More →

API Reports 6.18 Mln Barrels Crude Build As Harvey Hit Tallied

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U.S. crude oil stocks rose by 6.18 million barrels at the end of last week, the American Petroleum Institute said on Tuesday, more than the 2.5 million gain expected.

It was the second straight build after Hurricane Harvey shut production in some Gulf of Mexico fields and refineries in Texas as some domestic producers also trimmed output to avoid a larger glut at storage. The oil storage hub at Cushing, Oklahoma, saw a build of 1.32 million barrels.

However, gasoline supplies dropped 7.90 million barrels and distillates fell by 1.81 million barrels as key refineries in Houston and Corpus Christi were offline. The Energy Information Administration will release official data on Wednesday…

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