Energy Preview: API reports fall in crude oil inventories but gasoline surges

WTI Crude oil futures are quoting around $63 per barrel, but sharp build in gasoline inventories are limiting gains in the counter. The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again by 3.3 million barrels in the week ending May 30. The API reported a 4.236 million barrel inventory decrease in the prior week. However, gasoline inventories rose sharply in the week ending May 30, up 4.7 million barrels, after falling by 528,000 barrels in the week prior. Distillate inventories were also up by 760,000 barrels. In the week prior, distillate inventories rose 1.295 million barrels.

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