Oil Inventories Fell by 3.8M Barrels Last Week: API By Investing.com

Oil Inventories Fell by 3.8M Barrels Last Week: API

Commodities Jun 29, 2022 06:10

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Oil Inventories Fell by 3.8M Barrels Last Week: API

Investing.com -- U.S. crude stockpiles fell last week, according to an estimate from the American Petroleum Institute, or API, released on Tuesday.

Crude inventories fell by 3.8 million for the week ended June 24, the API said.

Inventories at the Cushing, Okla. hub, where storage capacity has become a big concern amid a glut in supplies, fell by 650,000 barrels.

The API also said that gasoline stockpiles rose by 2.8 million barrels last week, while that of distillates gained by 2.61 million.

By custom, the API data is released a day ahead of the official inventory numbers for crude, gasoline and distillates released each week by the U.S. Energy Information Administration, or EIA.

However, since last week, the EIA has not published its weekly inventory report due to what it termed as server issues. The agency has said that it expects to resume publication of the report “as soon as possible”.

New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled up $2.19, or 2%, at $111.76 per barrel ahead of the API data.

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