The American Petroleum Institute announced that as of the week of August 26th, US crude oil inventories increased by 5.1 million barrels, while gasoline inventories decreased by 3.1 million barrels, due to reduced imports and reduced capacity utilization of refineries.
The latest weekly data released by the American Petroleum Institute (API) on August 30 showed that last week's US crude oil inventories surged due to a decrease in imports and the decline in capacity utilization of refineries, and gasoline inventories fell substantially.
According to the data released by API, as of the week of August 26, US crude oil inventories increased by 5.1 million barrels, which is much higher than the analysts' previous estimate of an increase of 400,000 barrels.
The U.S. Midwest and U.S. Gulf crude oil inventories increased as crude oil imports rose by nearly 1 million barrels a day to nearly 10 million barrels a day.
Refinery capacity utilization fell from 89% last week to 86.9%.
US gasoline stocks fell 3.1 million barrels, after analysts forecasted a reduction of 1.1 million barrels.
Gasoline inventories on the East Coast fell the most, with a decrease of nearly 1.5 million barrels, in line with estimates. Before the arrival of Hurricane Irene, the driver filled his car with oil.
Distillate stocks, including diesel and heating oil, increased by 27.6 million barrels, after analysts forecasted an increase of 600,000 barrels.
Crude oil inventories at Cushing, Oklahoma's crude oil delivery site, fell by 563,000 barrels.
The latest weekly data released by the American Petroleum Institute (API) on August 30 showed that last week's US crude oil inventories surged due to a decrease in imports and the decline in capacity utilization of refineries, and gasoline inventories fell substantially.
According to the data released by API, as of the week of August 26, US crude oil inventories increased by 5.1 million barrels, which is much higher than the analysts' previous estimate of an increase of 400,000 barrels.
The U.S. Midwest and U.S. Gulf crude oil inventories increased as crude oil imports rose by nearly 1 million barrels a day to nearly 10 million barrels a day.
Refinery capacity utilization fell from 89% last week to 86.9%.
US gasoline stocks fell 3.1 million barrels, after analysts forecasted a reduction of 1.1 million barrels.
Gasoline inventories on the East Coast fell the most, with a decrease of nearly 1.5 million barrels, in line with estimates. Before the arrival of Hurricane Irene, the driver filled his car with oil.
Distillate stocks, including diesel and heating oil, increased by 27.6 million barrels, after analysts forecasted an increase of 600,000 barrels.
Crude oil inventories at Cushing, Oklahoma's crude oil delivery site, fell by 563,000 barrels.
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