The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again this week, this time by 370,000 barrels in the week ending June 6 after analysts had estimated a 700,000-barrel build. The API reported a 3.3 million barrel inventory decrease in the prior week.
So far this year, crude oil inventories are up nearly 18 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 300,000 barrels to 402.1 million barrels in the week ending June 06. 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 4:25 pm ET, Brent crude was trading down $0.32 (-0.48%) on the day, landing at $66.72—a more than $1 per barrel increase from this time last week.
WTI was also trading down on the day, by $0.42 (-0.64%) at $64.87—an almost $1.50 increase over last week’s level.
Gasoline inventories rose sharply in the week ending June 6, up 2.969 million barrels, after rising by 4.7 million barrels in the week prior. As of last week, gasoline inventories were already 1% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories were also up this week, by 3.712 million barrels. In the week prior, distillate inventories rose 760,000 barrels. Distillate inventories were already a starting 16% below the five-year average as of the week ending May 30, 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 728,000 barrels in the week.
By Julianne Geiger for Oilprice.com
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