The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose this week, growing by an additional 1.5 million barrels in the week ending August 8. Analysts had expected an 800,000 barrel draw.
So far this year, crude oil inventories are up more than 10 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) held steady at 403 million barrels in the week ending August 8.
At 4:02 pm ET, Brent crude was trading down $0.48 (-0.72%) on the day, landing at $66.15—down roughly $1.40 per barrel from last week’s prices while the market digests OPEC’s production plans, US tariff negotiations, and the potential for a Russia/Ukraine ceasefire.
WTI was also trading down on the day, by $0.76 (-1.19%) at $63.20, more than $1.75 shy of last week’s level.
Gasoline inventory figures were not available at the time of publication. In the week prior, US gasoline stocks fell by 900,000 barrels in the week prior. As of last week, gasoline inventories were 1% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose again this week, this time by 300,000 barrels after rising by 1.6 million barrels in the week prior. Distillate inventories were 16% below the five-year average as of the week ending August 1, 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 600,000 barrels in the week. In the week prior, Cushing inventories had risen by 1.7 million barrels.
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