API Reports 6.18 Mln Barrels Crude Build As Harvey Hit Tallied
U.S. crude oil stocks rose by 6.18 million barrels by the end of last week, the American Petroleum Institute said on Tuesday, in excess of the 2.5 million gain expected.
It was the next straight build after Hurricane Harvey shut production in most West fields and refineries in Texas as some domestic producers also trimmed output to avoid a much better glut at storage. The oil storage hub at Cushing, Oklahoma, saw a build of a.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 Information Administration will release official data on Wednesday.