Crude Inventories Fall Again as Fuel Stocks Build

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 26 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 38%
  • Publisher: 68%

API News

Oil,Inventories,Crude

The API confirmed another crude draw this week, but also reported a small build in gasoline inventories and a larger increase in distillates stocks

Crude oil inventories in the United States fell sharply this week by 4.44 million barrels for the week ending July 12, according to The American Petroleum Institute API. For the week prior, the API reported a 1.9 million barrel draw in crude inventories. This week marks the third week in a row of API-estimated inventory draws for crude oil, for a total loss of 15.5 million barrels.

23% on the day at $83.81—down about $1 per barrel from this time last week. The U.S. benchmark WTI was also trading down on the day by $1.08 -1.32% at $80.83—down nearly $1 per barrel from this time last week. Gasoline inventories rose this week by a small amount, 365,000 barrels, after last week’s 3-million-barrel decrease. As of last week, gasoline inventories are 1% below the five-year average for this time of year, according to the latest EIA data. Distillate inventories rose this week by 4.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines