Energy Preview: US Crude Stockpiles Down By 7.85 Million Barrels, Says API

30 Nov 2022 , 08:42 AM

US crude oil inventories sagged by another 7.85 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 4.2 million barrels in the week prior. US crude inventories may have grown by roughly 13 million barrels so far this year, according to API data, but crude stored in the nations Strategic Petroleum Reserves sunk by nearly 16 times that figure so far this year? by 204 million barrels. The SPR now contains the least amount of crude oil since March 1984. The draw in commercial crude oil inventories came as the Department of Energy released 1.4 million barrels from the Strategic Petroleum Reserves in the week ending November 25, leaving the SPR with just 389.1 million barrels. In the week prior, the API reported a large draw in crude oil inventories of 4.2 million barrels. Powered by Commodity Insights