Energy Preview: API Reports Fall In Crude Oil Inventories

19 Oct 2022 , 08:23 AM

The American Petroleum Institute (API) reported a draw last week for crude oil of 1.27 million barrels. U.S. crude inventories have grown by roughly 27 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly seven times that figure, at 188 million barrels. The draw in crude oil inventories was despite the Department of Energys release of 3.6 million barrels from the Strategic Petroleum Reserves in the week ending October 14, leaving the SPR with 405.1 million barrels. In the week prior, the API reported a build in crude oil inventories of 7.054 million barrels. The API reported a draw in gasoline inventories last week of 2.17 million barrels for the week ending October 14, compared to the previous weeks 2.008 million-barrel build.Powered by Commodity Insights