API Inventories Increase...OOOPS

SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute late Tuesday reported a surprise increase in oil inventories for the week ended July 23. Stockpiles rose 3.08 million barrels, the trade group said. Analysts polled by Platts expected a decline of 2.3 million barrels. Gasoline stocks rose 877,000, and stocks of distillates, which include diesel and heating oil, rose 407,000. The analysts surveyed had forecast a rise of 1.1 million barrels for gasoline stocks and of 1.8 million barrels for distillates. The more closely watched government report is scheduled for release Wednesday at 10:30 a.m. Eastern.

Morning Yuk


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