US DATA: API crude stocks rebound, products lower
Quantum Commodity Intelligence – US crude oil stocks increased by over 4 million barrels in week ending 4 August, according to a report released late Tuesday by the American Petroleum Institute.
The build in part reverses last week's API figures showing crude stocks slumping by a record 15.4 million barrels, which was accompanied by Energy Information Administration (EIA) reporting privately held inventories dropped 17 million barrels.
The latest API release showing a 4.07-million-barrel build contrasted with analysts' expectations for a small draw, while the key Cushing storage hub, the delivery point for the WTI crude futures contract, dropped just 110,000 barrels. The Strategic Petroleum Reserve added 1 million barrels.
Refined product inventories were lower, with gasoline down by 400,000 barrels and distillates falling by 2.1 million barrels.
However, units were reported shut at three separate US refineries last week, which will likely factor into this week's data.
The 3-2-1 crack spread, a measure of US refining profitability based on gasoline and heating oil margins, has consolidated at around $40/b, with firmer distillates compensating for weaker gasoline cracks.
The weekly API report serves as a forerunner to the closely watched EIA Weekly Petroleum Status Report, which will be published at 1030 EST on Wednesday.
