API Reports US Crude Stocks Up 7.14M Barrels

Despite the weekly inventory increase, commercial crude stocks excluding the Strategic Petroleum Reserve have declined by more than 41 million barrels over the past 22 weeks, while total U.S. crude inventories are up nearly 10 million barrels year to date.

The SPR’s approximately 285 million barrels are only 446 million barrels below its maximum capacity, and the reserve’s generally accepted operational minimum is estimated at 250 million to 300 million barrels; falling below that range could hinder efficient oil pumping and processing.

U.S. oil production was 452,000 barrels per day higher than a year earlier, in addition to rising from 13.862 million barrels per day to 13.947 million barrels per day week over week.

The gasoline build followed a 1.9 million-barrel draw the previous week, while distillate inventories rose after increasing by 2 million barrels in the prior week.