Energy Preview: API reports 2.4 million-barrel decline

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell last week, shrinking by 2.4 million barrels in the week ending August 15. So far this year, crude oil inventories are up nearly 8 million barrels. Gasoline inventories rose by 1 million barrels in the week ending August 15. Distillate inventories rose yet again this week, this time by 500,000 barrels after rising by 300,000 barrels in the week prior.

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