U.S. Crude Inventories Drop amid Continued SPR Draws
Crude Inventories Drop amid Continued SPR Draws Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 2.6 million barrels in the week ending August 28.
In the week prior, US crude oil inventories rose by 4.2 million barrels.
Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last twenty weeks, with US crude inventories up 3.1 million for the year, according to API data, kept in check by draws from the SPR.
For week ending August 28, another 3.1 million barrels left the SPR to aid commercial inventories, bringing the new total inventory held in the SPR to286.6 million barrels—a level that is 445 million barrels shy of maximum capacity.
The generally accepted operational minimum for oil in the SPR is between 250-300 million barrels, below which the reserve may find it difficult to pump and process oil efficiently.
US production for week ending August 21 rose to13.843 million bpd, up from 13.830 in the week prior, and up 461,000 bpd from a year earlier.
At 4:16 pm ET on Tuesday,Brent crudewas trading up on the day at$95.28(+5.9%), a nearly $7 per barrel gain week over week.
WTI was also trading up on the day, by $5.08 per barrel (+5.92%) at$90.84, up nearly $9 per barrel from this time last week.
Gasoline inventories rose this week by 300,000 barrels in the week ending August 28.
In the week prior, gasoline inventories fell by 3.2 million barrels.
In the week prior, gasoline inventories were already 6% below the five-year average for this time of year, according to the latestEIA data.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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