Energy Preview: Crude oil inventories in the United States up by 4.2 million barrels

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.2 million barrels in the week ending August 21. In the week prior, US crude oil inventories fell by 328,000. Commercial crude oil inventories excluding the SPR have lost just over 45 million barrels over the last nineteen weeks, with US crude inventories up 5.8 million for the year, according to API data, kept in check by draws from the SPR. For the week ending August 21, another 3.7 million barrels left the SPR to aid commercial inventories, bringing the new total inventory held in the SPR to 289.7 million barrels?a level that is 442 million barrels shy of maximum capacity. The generally accepted operational minimum for oil in the SPR is between 250-300 million barrels, below which the reserve may find it difficult to pump and process oil efficiently. Gasoline inventories fell this week by 3.2 million barrels in the week ending August 21. In the week prior, gasoline inventories rose by 1.076 million barrels.

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