Crude oil inventories in the United States fell this week by 2.428 million barrels for the week ending June 7
, according to The American Petroleum Institute API , after analysts had forecast a 1.75 million barrel draw. For the week prior, the API reported a surprise 4.052 million barrel build in crude inventories. On Tuesday, the Department of Energy DoE reported that crude oil inventories in the Strategic Petroleum Reserve SPR rose by 0.3 million barrels as of June 7. Inventories are now at 370.
84—up roughly $4 per barrel from this time last week as the market recovered from last week’s dropoff in prices following the OPEC decision. The U.S. benchmark WTI was also trading up on the day at 0.14% to $77.85—a nearly $4.50 gain week over week. Gasoline inventories also fell this week, by 2.549 million barrels, partially ofsetting last week’s 4.026-million-barrel increase.
Oil Inventories Crude Gasoline Refining Distillates Downstream
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