US Crude Stocks Rise 2.603 Million Barrels as SPR Falls to 316.5 Million
Updated
Updated · OilPrice.com · Jul 21
US Crude Stocks Rise 2.603 Million Barrels as SPR Falls to 316.5 Million
3 articles · Updated · OilPrice.com · Jul 21
Summary
API estimated US crude inventories climbed 2.603 million barrels in the week ended July 17, reversing the prior week's 564,000-barrel decline.
A 5.1 million-barrel SPR draw helped keep overall crude supplies in check, leaving the reserve at 316.5 million barrels—the lowest in more than 43 years and near its 250 million-300 million operational floor.
Gasoline inventories fell 1.379 million barrels and Cushing stocks dropped 737,000 barrels, while distillates rose 1.759 million barrels.
US output reached 13.861 million bpd in the latest weekly data, up 486,000 bpd from a year earlier, as producers responded to firmer prices.
Brent traded at $91.36 and WTI at $84.51 on Tuesday afternoon, with crude supported by renewed US-Iran tensions despite the inventory build.