EIA, API Reports Show Slight Crude Build
New York Mercantile Exchange (Nymex) crude futures showed small gains in overnight trading after the release of the American Petroleum Institute (API) weekly inventory report late on October 24th.
The API report saw U.S. crude stocks climb 1.7 million barrels over the previous week to 282.4 million barrels, down 24.6 million barrels from the same period in 1999. The Energy Information Administration (EIA), the statistical arm of the Department of Energy (DOE), reported on October 24th a crude stock build of 2.4 million barrels, closer to market expectations of a 2.5 million barrel rise.
The API showed a fall in distillate stocks, including heating oil, of 552,000 barrels to 112.1 million barrels, down 29.4 million barrels from 1999. The EIA reported a drop in distillates of 600,000 barrels, with a 200,000-barrel rise in heating oil.
Both the API and the EIA reported that gasoline stocks dipped 1.1 million barrels, as expected by the markets. Refinery runs, anticipated to show a reduction of 0.75 percent, were up 0.7 percent according to the API, while the EIA reported an increase of 1.5 percent.