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US crude inventories rise as SPR releases continue
API data for the week ending July 24 showed a 3.3 million barrel crude stock build, while 3.7 million barrels left the Strategic Petroleum Reserve to take SPR holdings to 307.7 million barrels.
The American Petroleum Institute (API) estimated that US crude oil inventories rose by 3.296 million barrels in the week ending July 24, after a 2.603 million barrel increase the prior week.
API data also showed commercial crude oil inventories excluding the SPR have fallen by just over 54 million barrels over the past 15 weeks, while SPR draws have been helping keep stocks in check.
For the week ending July 24, another 3.7 million barrels left the Strategic Petroleum Reserve, bringing SPR inventories to 307.7 million barrels, far below the maximum capacity and the lowest level in over 43 years. The article notes the operational minimum typically runs between 250 and 300 million barrels.
The same API report said US production for the week ending July 17 fell to 13.798 million barrels per day from 13.861 million barrels per day the week prior, while gasoline inventories rose by 918,000 barrels in the week ending July 24. At the time of writing, Brent and WTI were trading lower on the day.
Latest closeWTI crude $81.23 ▼1.7%|Brent $85.92 ▼2.8%|Gasoline (RBOB) $3.164 ▼4.9%