Energy Preview: API Reports Large Crude Draw Of 5.6 Million Barrels

24 Aug 2022 , 09:02 AM

The American Petroleum Institute (API) reported a large draw last week for crude oil of 5.632 million barrels. The build comes as the Department of Energy released a massive 8.1 million barrels from the Strategic Petroleum Reserves in week ending August 19, leaving the SPR with just 453.1 million barrels. U.S. crude inventories have shed some 67 million barrels since the start of 2021, with a 4 million barrel gain since the start of 2020, according to API data. In the week prior, the API reported a draw in crude oil inventories of 448,000 barrels. The API reported a build in gasoline inventories this week of 268,000 barrels for the week ending Aug 12, compared to the previous weeks 4.480 million-barrel draw. Powered by Commodity Insights