API reports sharp rise in US gasoline inventories

Oil tanks

US crude oil inventories rose during the week ended Jan. 16, while gasoline inventories posted a sharp increase, according to estimates released by the American Petroleum Institute (API).

The institute said in its report, issued early today, Jan. 22, that crude inventories rose by 3.04 million barrels, compared to expectations of a 1.7 million barrel increase.

Gasoline inventories increased by 6.2 million barrels, while distillate inventories, including diesel and heating oil, fell by 33,000 barrels.

The API data were viewed as an early indicator of inventory trends and, by extension, oil consumption in the US. The sharp rise in crude and gasoline inventories could imply temporary downward pressure on prices.