Energy Preview: API Reports Large Build In Crude Oil Inventories

13 Oct 2022 , 08:20 AM

The American Petroleum Institute (API) reported a large build last week for crude oil of 7.054 million barrels. U.S. crude inventories have grown by roughly 28 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 184 million barrels. The build in crude oil inventories was made possible by the Department of Energys release of 7.7 million barrels from the Strategic Petroleum Reserves in the week ending October 7, leaving the SPR with 408.7 million barrels. In the week prior, the API reported a draw in crude oil inventories of 1.770 million barrels. The API reported a build in gasoline inventories last week of 2.008 million barrels for the week ending October 7, compared to the previous weeks 3.474 million-barrel draw.Powered by Commodity Insights