US Crude Inventories See Small Draw, Distillate Stocks Fall Sharply

Key facts

• API estimates U.S. crude oil inventories fell by 328,000 barrels for the week ending August 14.
• Distillate inventories dropped by 2.797 million barrels, continuing a trend of significant declines.
• Gasoline inventories increased by 1.076 million barrels.
• The Strategic Petroleum Reserve (SPR) released another 5.3 million barrels.
• U.S. crude production was 13.805 million bpd for the week ending August 7.

U.S. crude oil inventories saw a modest decrease of 328,000 barrels in the week ending August 14, according to estimates from the American Petroleum Institute (API). This draw follows a significant build in the previous week. Meanwhile, distillate inventories experienced a sharp decline of 2.797 million barrels, adding to existing shortages and falling well below the five-year average. Gasoline inventories, however, rose by 1.076 million barrels, though they remain below the five-year average. The Strategic Petroleum Reserve (SPR) continued its releases, with another 5.3 million barrels drawn down, bringing the total SPR holdings to 293.4 million barrels. U.S. crude production held steady at 13.805 million barrels per day for the week ending August 7. At the time of reporting, both Brent and WTI crude futures were trading higher on the day, with Brent at $91.10 and WTI at $85.90.