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U.S. crude inventories fall slightly despite SPR support

API data shows a 328,000-barrel drop in U.S. crude inventories for the week ending August 14, while SPR inventory declined by 5.3 million barrels to 293.4 million barrels.

Reported · Written up by our desk · Energy

U.S. crude oil stockpiles declined slightly in the latest industry data, even as the Strategic Petroleum Reserve continued to support commercial inventories, according to figures cited by OilPrice. The American Petroleum Institute estimated U.S. crude oil inventories fell by 328,000 barrels for the week ending August 14, following a 9.072 million barrel rise in the prior week that was attributed to higher imports, lower exports, and an SPR injection.

OilPrice said commercial crude inventories excluding the SPR have drawn down by just over 49 million barrels over the past 18 weeks, while U.S. crude inventories were up 1.88 million barrels year to date. For the week ending August 14, the outlet reported that 5.3 million barrels left the SPR to bolster commercial inventories, taking the SPR total to 293.4 million barrels.

OilPrice also reported that U.S. production for the week ending August 7 edged up to 13.805 million barrels per day. In its market snapshot, Brent was quoted up to about $91.10 per barrel and WTI around $85.90 per barrel in late trading Tuesday.

Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%

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