Commodities Buzz: API Crude Stockpiles Down By 448,000 Barrels

17 Aug 2022 , 10:37 AM

The American Petroleum Institute (API) reported a draw last week for crude oil of 448,000 barrels. The draw comes as the Department of Energy released 3.4 million barrels from the Strategic Petroleum Reserves in week ending August 12, to 461.2 million barrels. U.S. crude inventories have shed some 61 million barrels since the start of 2021, with a 1.7 million barrel gain since the start of 2020, according to API data. In the week prior, the API reported a surprise build in crude oil inventories of 2.156 million barrels after analysts had predicted a draw of 400,000 barrels. API also reported a draw in gasoline inventories this week of 4.480 million barrels for the week ending Aug 12, compared to the previous weeks 627,000-barrel draw. Powered by Commodity Insights