Gasoline Inventories Offset Falling Distillates Stocks

Crude oil inventories in the United States rose this week, by 674,000 barrels for the week ending February 2, according to The American Petroleum Institute (API), after analysts predicted a build of 2.133 million barrels. The API reported a 2.5-million-barrel dip in crude inventories in the week prior. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of February 5. Inventories are now at 357.4 million barrels. Oil prices were up ahead of the…