Energy Preview: API Reports Large Draw In Crude Inventories

16 Nov 2022 , 08:25 AM

The American Petroleum Institute (API) reported a large draw last week for crude oil of 5.835 million barrels. U.S. crude inventories have grown by roughly 25 million barrels so far this year, according to API data, but U.S. Strategic Petroleum Reserves fell by more than eight times that figure, at 201 million barrels. The build in crude oil inventories was partially due to the Department of Energys release of 4.1 million barrels from the Strategic Petroleum Reserves in the week ending November 11, leaving the SPR with 392.1 million barrels. In the week prior, the API reported a large build in crude oil inventories of 5.618 million barrels.Powered by Commodity Insights