Energy Preview: US Crude Oil Inventories Down 4.8 Million Barrels, Reports API

23 Nov 2022 , 08:51 AM

Crude oil inventories sagged by another 4.8 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 5.8 million barrels in the week prior. U.S. crude inventories may have grown by roughly 21 million barrels so far this year, according to API data, but crude stored in the nations Strategic Petroleum Reserves sunk by nearly 10 times that figure so far this year? by 203 million barrels. The SPR now contains the least amount of crude oil since March 1984. The draw in commercial crude oil inventories came even as the Department of Energy released 1.6 million barrels from the Strategic Petroleum Reserves in the week ending November 18, leaving the SPR with just 390.5 million barrels. In the week prior, the API reported a large draw in crude oil inventories of 5.835 million barrels.Powered by Commodity Insights