The American Petroleum Institute API reports a significant drop in US crude oil and gasoline inventories, while distillate inventories see a modest increase.
Crude oil inventories in the United States fell this week, by 5.205 million barrels for the week ending August 9, according to The American Petroleum Institute API , after analysts predicted a smaller 2 million barrel dip. For the week prior, the API reported a 180,000-barrel increase in crude inventories. So far this year, crude oil inventories are close to where they were at the start of the year, having increased by 400,000 barrels, according to API data.
While down on the day, it is up more than $4 per barrel from this time last week. The U.S. benchmark WTI was also trading down on the day by $1.83 -2.29% at $78.23—up roughly $5 per barrel from this time last week. Gasoline inventories also fell this week, by 3.689 million barrels, more than offsetting last week’s 3.31-million-barrel increase. Analysts had predicted a 1.1 million barrel draw.
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