Energy Preview: API reports sharp draw in US crude oil inventories

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 3.296 million barrels in the week ending July 24. In the week prior, US crude oil inventories grew by 2.603 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 54 million barrels over the last fifteen weeks, with US crude inventories down just 3 million for the year, according to API data, kept in check by draws from the SPR. Gasoline inventories rose this week by 918,000 barrels in the week ending July 24. In the week prior, gasoline inventories decreased by 1.379 million barrels. Distillate inventories fell by 125,000 barrels, after rising 1.759 million barrels in the week prior.

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