API data show an unexpected weekly climb in U.S. crude supplies
The American Petroleum Institute reported today that U.S. crude supplies rose by 2 million barrels for the week ended July 3. The API data also reportedly showed gasoline stockpiles fell by 1.8 million barrels, while distillate inventories declined by about 847,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 2.2 million barrels for the week. Nick Note: It is VERY unusual to see a crude oil inventory build this time of year. Refiners usually are sucking up crude inventories because 4th of July weekend is the start of the summer driving season. I do not think that will happen this year.