Energy Preview: API Reports Large Crude Draw Of 4 Million Barrels

27 Jul 2022 , 08:31 AM

The American Petroleum Institute (API) reported a large draw for crude oil of 4.037 million barrels last week. The build comes as the Department of Energy released 5.6 million barrels from the Strategic Petroleum Reserves in Week Ending July 22, to 474.5 million barrels. U.S. crude inventories have shed some 65 million barrels since the start of 2021, with a 2 million barrel loss since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 1.860 million barrels. Gasoline inventories fell by 1.1 million barrels compared with expectations of a build of 3.5 million barrels, the API data showed. Powered by Commodity Insights