U.S. Crude Inventories Fall 2.6 Million Barrels as SPR Draw Continues
U.S. crude oil inventories fell by 2.6 million barrels in the week ending August 28, reversing the previous week's increase, while another 3.1 million barrels left the Strategic Petroleum Reserve.
- U.S. crude inventories fell by 2.6 million barrels in the week ending August 28.
- Inventories had increased by 4.2 million barrels in the previous week.
- The Strategic Petroleum Reserve fell by another 3.1 million barrels to 286.6 million barrels.
- U.S. crude production rose to 13.843 million barrels per day in the week ending August 21.
- Gasoline inventories rose by 300,000 barrels, while distillate stocks fell by the same amount.
- Cushing inventories increased by 200,000 barrels.
MONTREAL (Oil Monster): U.S. crude oil inventories fell by 2.6 million barrels in the week ending August 28, according to the American Petroleum Institute (API), following a 4.2 million-barrel increase in the previous week.
U.S. Crude Stocks Reverse the Previous Week's Build
Commercial crude inventories excluding the Strategic Petroleum Reserve have declined by just over 48 million barrels over the past 20 weeks, while total U.S. crude inventories are up 3.1 million barrels year-to-date.
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Strategic Petroleum Reserve Falls to 286.6 Million Barrels
Another 3.1 million barrels left the SPR, bringing total reserves to 286.6 million barrels, within the generally accepted operational minimum of 250 million to 300 million barrels.
U.S. Crude Production Edges Higher
U.S. crude production rose to 13.843 million barrels per day in the week ending August 21 from 13.830 million barrels per day, an increase of 461,000 barrels per day from a year earlier.
Gasoline and Distillate Inventories Move in Opposite Directions
Meanwhile, gasoline inventories increased by 300,000 barrels after falling 3.2 million barrels the previous week.
Distillate stocks declined by 300,000 barrels following a 500,000-barrel draw in the prior week.
Cushing Crude Inventories Increase
Cushing inventories rose by 200,000 barrels after increasing by 1 million barrels previously.
U.S. Oil Inventory Questions and Answers
How much did U.S. crude oil inventories fall?
U.S. crude oil inventories fell by 2.6 million barrels in the week ending August 28, according to the API.
What happened to the Strategic Petroleum Reserve?
Another 3.1 million barrels left the SPR, reducing total reserves to 286.6 million barrels.
How much crude oil is the United States producing?
U.S. crude production rose to 13.843 million barrels per day in the week ending August 21.
What happened to gasoline and distillate inventories?
Gasoline inventories increased by 300,000 barrels, while distillate inventories declined by 300,000 barrels.
Did inventories at Cushing increase or decrease?
Cushing inventories increased by 200,000 barrels after rising by 1 million barrels in the previous period.
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Courtesy: www.tradingview.com