Late yesterday the API reported that for the week ending January 6, U.S. crude oil stocks rose 397,000 barrels to 334.875 million barrels in contrast to market expectations of a draw.  The “arithmetic” implied a larger build, but part of discrepancy was due to the tabulation of Alaskan crude in transit, which can also impact the DOE data.  With regard to refined products, the API reported that distillate fuel oil stocks rose by 846,000 barrels to 146.249 million barrels, while gasoline supplies increased by 1.892 million barrels to 220.987 million barrels.  As previously discussed, we would look for the DOE data to be somewhat more constructive than consensus expectations, but we shall see.

Tags: api distillate inventories, api gasoline inventories, API inventory analysis, api inventory crude oil and refined products, energy commodity risk management, market comment on today's energy trade, weekly API statistics