The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell sharply, by 10.133 million barrels in the week ending June 13 after analysts had estimated a 600,000-barrel draw. The API reported a 337,000 barrel inventory decrease in the prior week.
So far this year, crude oil inventories are up 7.6 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels to 402.3 million barrels in the week ending June 13. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
At 4:46 pm ET, Brent crude was trading up $3.19 (+4.36%) on the day, landing at $76.42—a more than $9 per barrel increase from this time last week.
WTI was also trading up on the day, by $3.12 (+4.35%) at $74.89—a roughly $9 increase over last week’s level.
Gasoline inventories also fell in the week ending June 13, by 202,000 barrels, after rising by 2.969 million barrels in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories were up this week, by 318,000 barrels. In the week prior, distillate inventories rose 3.712 million barrels. Distillate inventories were already a starting 17% below the five-year average as of the week ending June 6, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell 800,000 barrels in the week after falling 728,000 barrels in the week prior.
By Julianne Geiger for Oilprice.com
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