Energy Preview: US API Crude Oil Inventories Down For Fourth Week In A Row

7 Dec 2022 , 08:05 AM

Crude oil inventories dropped for the fourth week in a row last week, by 6.426 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 7.85 million barrels in the week prior. U.S. crude inventories have grown by just 6 million barrels so far this year, according to API data. Meanwhile, crude stored in the nations Strategic Petroleum Reserves sunk by nearly 32 times that figure so far this year? by 206 million barrels. The SPR now contains the least amount of crude oil since February 1984. The draw in commercial crude oil inventories came as the Department of Energy released 2.1 million barrels from the Strategic Petroleum Reserves in the week ending December 2, leaving the SPR with just 387 million barrels. Meanwhile, the API reported a build in gasoline inventories of 5.93 million barrels for the week ending December 2, on top of the previous weeks 2.85-million-barrel build.Powered by Commodity Insights