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API estimates U.S. crude inventories fell by 3.296 million barrels

The same week, U.S. commercial inventories excluding the SPR fell by just over 54 million barrels over 15 weeks, and SPR holdings were drawn by 3.7 million barrels to 307.7 million.

Reported · Written up by our desk · Energy

The American Petroleum Institute estimated that U.S. crude oil inventories fell by 3.296 million barrels in the week ending July 24, reversing a prior week in which crude inventories rose by 2.603 million barrels, according to API data. API said commercial crude oil inventories excluding the Strategic Petroleum Reserve have dropped by just over 54 million barrels over the last 15 weeks. Over that same span, U.S. crude inventories were down about 3 million barrels for the year, with draws from the SPR helping keep supplies in check. For the week ending July 24, another 3.7 million barrels left the SPR, bringing total SPR inventory to 307.7 million barrels. The article notes that this level is far below the 2023 low reached during a prior large drawdown and represents the lowest level in more than 43 years, while also leaving SPR inventories 424 million barrels shy of maximum capacity.

The generally accepted operational minimum for oil in the SPR is cited as 250 to 300 million barrels, below which the reserve may struggle to pump and process crude efficiently. The report also estimated U.S. production for the week ending July 17 at 13.798 million barrels per day, slightly down from 13.861 million bpd the week prior and up 525,000 bpd from a year earlier, and said gasoline inventories rose by 918,000 barrels in the week ending July 24.

Latest closeWTI crude $81.23 ▼1.7%|Gasoline (RBOB) $3.164 ▼4.9%

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