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US crude inventories fall as SPR draws continue, API estimates
API data show crude inventories excluding the Strategic Petroleum Reserve fell by just over 48 million barrels over 20 weeks, while SPR holdings dropped to 286.6 million barrels.
The American Petroleum Institute estimated US crude oil inventories fell by 2.6 million barrels in the week ending August 28, following a 4.2 million barrel increase in the prior week, according to API data cited by OilPrice.
Commercial crude inventories excluding the Strategic Petroleum Reserve have declined by just over 48 million barrels over the last 20 weeks, while US crude inventories are up 3.1 million barrels for the year, as SPR draws have helped keep supplies in check.
For the week ending August 28, another 3.1 million barrels left the SPR for commercial inventories, bringing SPR stocks to 286.6 million barrels. The outlet said that total is 445 million barrels below maximum capacity and remains within the broadly accepted operational minimum range of 250 million to 300 million barrels.
OilPrice also reported that US production for the week ending August 21 rose to 13.843 million barrels per day from 13.830 million in the prior week, and that Brent crude and WTI were trading higher at around $95 and $91 per barrel, respectively, during Tuesday afternoon trading.
Gasoline inventories rose by 300,000 barrels in the week ending August 28, the outlet said.
Latest closeWTI crude $90.79 ▲5.9%|Brent $95.25 ▲5.3%|Gasoline (RBOB) $3.158 ▼8.1%