By: Franyi Sarmiento, Ph.D., Inspenet, July 1, 2022
The American Petroleum Institute (API) reported a large drop this week for crude oil of 3.799 million barrels, while analysts were forecasting a drop of 110,000 barrels.
This comes as the Department of Energy released 6.9 million barrels from Strategic Petroleum Reserves in the week ending June 24.
U.S. crude inventories have lost about 71 million barrels since the beginning of 2021 and about 15 million barrels since the beginning of 2020, according to API data.
In the previous week, the API reported an increase in crude oil inventories of 5.607 million barrels, the largest increase since February, after analysts forecast a draw of 1.433 million barrels.
This week, the API reported a build in gasoline inventories of 2.852 million barrels for the week ending June 24, up from a build of 1.216 million barrels the previous week.
Distillate stocks recorded an inventory build of 2.613 million barrels for the week, compared to a decrease of 1.656 last week. Cushing saw a decline of 650,000 barrels this week, compounding last week’s decline.
This material from the País Minero portal was edited for clarity, style and length.
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