The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, dropping by 974,000 barrels in the week ending August 15. Analysts had expected a larger 1.7-million-barrel draw.
So far this year, crude oil inventories are up 6.8 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 800,000 barrels to 404.2 million barrels in the week ending August 22.
At 3:53 pm ET, Brent crude was trading down $1.52 (-2.21%) on the day, landing at $67.28—up roughly $1.30 per barrel from last week’s prices.
WTI was also trading down on the day, by $1.49 (-2.21%) at $63.37, roughly $0.80 above last week’s price.
Gasoline inventories fell by 2.060 million barrels in the week ending August 22. 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 fell this week by 1.488 million barrels after rising by 500,000 barrels in the week prior. Distillate inventories were already 13% below the five-year average as of the week ending August 15, 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 497,000 barrels in the week, after falling by 100,000 barrels in the week prior.
By Julianne Geiger for Oilprice.com
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