The American Petroleum Institute (API) reported a build this week for crude oil of 3.825 million barrels. The build comes as the Department of Energy released 5.9 million barrels from the Strategic Petroleum Reserves in Week Ending July 1 to 492 million barrels?the lowest its been since 1985. U.S. crude inventories have shed some 68 million barrels since the start of 2021 and about 5 million barrels since the start of 2020, according to API data. In the week prior, the API reported a large draw in crude oil inventories of 3.799 million barrels after analysts had predicted a draw of just 110,000 barrels. Powered by Commodity Insights
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