Energy Preview: API Reports Crude Oil Build Of 2.2 Million Barrels

3 Aug 2022 , 09:17 AM

The American Petroleum Institute (API) reported a surprise build last week for crude oil of 2.165 million barrels. The build comes as the Department of Energy released 4.6 million barrels from the Strategic Petroleum Reserves in Week Ending July 29, to 469.9 million barrels. US crude inventories have shed some 63 million barrels since the start of 2021, with a 40,000 barrel loss since the start of 2020, according to API data. In the week prior, the API reported a large draw in crude oil inventories of 4.037 million barrels after analysts had predicted a smaller draw of 1.121 million barrels. Powered by Commodity Insights