Distillate Stocks Sink Further as U.S. Crude Inventories Barely Budge

Source Summary

The American Petroleum Institute reported that U.S. crude oil inventories fell by 328,000 barrels in the week ending August 14. This follows a prior week increase of 9.072 million barrels driven by higher imports, lower exports, and a significant Strategic Petroleum Reserve injection. Commercial crude inventories excluding the SPR have declined by just over 49 million barrels over the past eighteen weeks, while year-to-date U.S. crude inventories are up 1.88 million barrels.