U.S. crude oil inventories fell by 9.163 million barrels in the week to June 28, according to the American Petroleum Institute. Analysts had been expecting a fall of 150,000 barrels.
API reported that crude oil inventories increased by 914,000 barrels last week.
On Tuesday, the U.S. Department of Energy (DoE) announced that crude oil inventories in the Strategic Petroleum Reserve (SPR) increased by 400,000 barrels as of June 28. Inventories now stand at 372.6 million barrels, the highest level since December 2022 but still significantly below June 2020 inventories of 656 million barrels.
Oil prices were rising ahead of Tuesday’s API data release. As of 10:17 a.m. ET, Brent crude was trading at $86.94, up $0.34 from the previous day, and up about $2 per barrel from the same time last week. WTI, the U.S. benchmark, was also trading at $83.63, up 0.30% from the previous day, and up about $3 per barrel from the same time last week.
Gasoline inventories increased by 2.468 million barrels this week, following an increase of 3.843 million barrels last week. As of last week, gasoline inventories are at the same level as the five-year average for this time of the year. EIA Data.
Distillate inventories fell by 749,000 barrels this week, down from a drop of 1.178 million barrels last week. Distillates were about 9% below the five-year average for the week ending June 21, May, according to the latest EIA data.
Cushing inventories increased by 404,000 barrels this week after a decline of 350,000 barrels the previous week, according to API data.
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