US DATA: Modest build in crude stocks, gasoline edges up - API

Quantum Commodity Intelligence – US crude oil stocks posted a modest increase for the week ending 10 November, while refined products revealed mixed results, according to a report released late Tuesday by the American Petroleum Institute.

The latest API numbers revealed a slim 1.335 million-barrel gain in crude inventories, largely in line with expectations and following the previous week's 11.9 million-barrel jump. The key Cushing storage hub, the delivery point for the NYMEX WTI crude futures contract, added 1.136 barrels.

Stocks at Cushing continued to recover from last month's nine-year low of 21 million barrels, which analysts warned was close to minimum operational levels needed to keep volumes flowing efficiently and maintain the WTI quality.

Inventories held in the Strategic Petroleum Reserve were unchanged on the week, while on Tuesday the Department of Energy purchased a small top-volume of 1.2 million barrels of crude for January delivery.

Gasoline stocks added 200,000 barrels, while distillates dropped by 1.022 million barrels, falling for a fifth consecutive week based on API data.

The weekly API report serves as a forerunner to the closely watched Energy Information Administration Weekly Petroleum Status Report, which will be published later on Wednesday with two weeks' worth of data after a systems upgrade delayed the 8 November report.

Meanwhile, the 3-2-1 crack spread, a measure of US refining profitability against gasoline and heating oil margins, was around $23/b based on Dec23 futures contracts early Wednesday, largely unchanged versus the same stage last week.