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US crude inventories fall by 564,000 barrels in week ending July 10
The API said another 2.99 million barrels left the Strategic Petroleum Reserve, bringing it to 316.5 million barrels, the lowest in more than 43 years.
The American Petroleum Institute estimated that US crude oil inventories fell by 564,000 barrels in the week ending July 10, following a 399,000 barrel decline in the prior week.
API data also showed commercial crude inventories excluding the SPR have been dropping for three months, with more than 60 million barrels shed over the last 12 weeks. Even so, total US crude inventories are down 9.2 million barrels so far this year, a decline that the report attributes to draws from the SPR.
For the week ending July 10, another 2.99 million barrels were withdrawn from the Strategic Petroleum Reserve, lifting the new total to 316.5 million barrels. The article said SPR inventories are now 415 million barrels below maximum capacity, and it noted an operational minimum of 250 to 300 million barrels.
The report said gasoline inventories also decreased, falling by 1.664 million barrels in the week ending July 10, after a 2.929 million barrel decline the week before. It added that US production for the week ending July 3 rose to 13.860 million bpd, up from 13.810 million bpd the week prior, and up 475,000 bpd from a year earlier.
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