The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again, this time by 4.277 million barrels in the week ending June 20 after analysts had estimated a much more conservative 600,000-barrel draw. The draw adds to last week’s shockingly massive 10.133 million barrel inventory decrease.
So far this year, crude oil inventories are up 3.3 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels to 402.5 million barrels in the week ending June 13. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
At 1:33 pm ET, Brent crude was trading down $4.15 (-5.81%) on the day, landing at $67.33—a more than $7 per barrel decrease from this time last week.
WTI was also trading down on the day, by $3.99 (-5.82%) at $64.52—a roughly $8.50 decrease from last week’s level.
Gasoline inventories rose in the week ending June 20, by 764,000 barrels, after falling by 20,000 barrels in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell this week by 1.026 million barrels. In the week prior, distillate inventories rose 318,000 barrels. Distillate inventories were already a starting 17% below the five-year average as of the week ending June 13, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell 75,000 barrels in the week after falling 800,000 barrels in the week prior.
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