API crude oil inventories +4.8m barrels
US oil stockpile data from the American Petroleum Institute:
- Gasoline stocks down 2.6m barrels
- Distillates down 0.64m barrels
- Crude stocks at Cushing up 2.0m barrels
- Subscribers get the release 5 minutes before the public
- EIA crude oil inventories are expected at 5.13m on Wednesday
- Crude inventories rose by 10.5 million barrels a week earlier
Oil prices initially jumped on the numbers, presumably because the build was less than last week.
Earlier today I wrote about how US oil storage is headed toward the critical Spring season.