API reports biggest weekly rise in inventory levels of crude oil

June 23, 2022 (MLN): The American Petroleum Institute (API) reported the biggest rise in crude oil inventory of 5.607 million barrels this week since February 2022, while analysts anticipated a draw of 1.433 million barrels.

According to API data, this is the first build over 5 million barrels since mid-February, reported Oil Price.

The build comes as the Department of Energy released 6.8 million barrels from the Strategic Petroleum Reserves in the week ending June 17.

Going by the report, U.S. crude inventories have shed some 68 million barrels since the start of 2021 and about 11 million barrels since the start of 2020, according to API data.

In the week prior, the API reported a build in crude oil inventories of 736,000 barrels after analysts had predicted a draw of 1.2 million barrels, it added.

WTI was trading down on Wednesday at 3.88% moments before the release, sinking to $105.30 per barrel. The price of Brent crude was down by 3.38% at $110.80.

U.S. crude oil production rose to 12 million barrels per day in the week ending June 10—the first increase in four weeks and a 1.1 million barrels per day decrease from pre-pandemic times, it further added.

During the week ending June 17, the API reported a build in gasoline inventories of 1.216 million barrels, compared to the previous week's 2.159-million-barrel draw.

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