Energy Preview: API Crude Oil Inventories Fall By 3.8 Million Barrels

29 Jun 2022 , 08:35 AM

The American Petroleum Institute (API) reported a large draw this week for crude oil of 3.799 million barrels. The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in Week Ending June 24. U.S. crude inventories have shed some 71 million barrels since the start of 2021 and about 15 million barrels since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 5.607 million barrels?the biggest increase since February. The API also said that gasoline stockpiles rose by 2.8 million barrels last week, while that of distillates gained by 2.61 million. Powered by Commodity Insights