Energy Preview: API Reports Build In Crude Oil Inventories

28 Sep 2022 , 08:28 AM

The American Petroleum Institute (API) reported a build last week for crude oil of 4.150 million barrels. According to API data, U.S. crude inventories have now gained 23 million barrels so far this year?a build made possible only by releasing 166 million barrels from the nations Strategic Petroleum Reserve. The build comes as the Department of Energy released 4.6 million barrels from the Strategic Petroleum Reserves in the week ending September 23, leaving the SPR with 422.6 million barrels. In the week prior, the API reported a build in crude oil inventories of 1.035 million barrels. The API reported a draw in gasoline inventories this week of 1.048 million barrels for the week ending September 23, compared to the previous weeks 3.225 million-barrel build.Powered by Commodity Insights