The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, shrinking by 2.4 million barrels in the week ending August 15. Analysts had expected a 1.2-million-barrel draw.
So far this year, crude oil inventories are up nearly 8 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) rose by 400,000 barrels to 403.4 million barrels in the week ending August 15.
At 3:49 pm ET, Brent crude was trading down $0.65 (-0.98%) on the day, landing at $65.95—down roughly $0.20 per barrel from last week’s prices as Russia/Ukraine ceasefire negotiations continue.
WTI was also trading down on the day, by $0.87 (-1.37%) at $62.55, roughly $0.65 below last week’s price.
Gasoline inventories rose by 1 million barrels in the week ending August 15. As of last week, gasoline inventories were even with the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose yet again this week, this time by 500,000 barrels after rising by 300,000 barrels in the week prior. Distillate inventories were 15% below the five-year average as of the week ending August 8, 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 by 100,000 barrels in the week, after falling by 600,000 barrels in the week prior.
By Julianne Geiger for Oilprice.com
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