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The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 7.199-million barrels for the week ending June 18.
Analysts had predicted a much smaller draw of 3.942 million barrels for the week.
In the previous week, the API reported a draw in oil inventories of 8.537 million barrels after analysts had predicted a draw of 3.290 million barrels. Crude oil inventories have fallen by more than 29 million barrels since the start of 2021, according to API data, but are still up 27 million barrels since January 2020.
Oil prices were down on Tuesday after sizable gains on Monday.
At 2:53 p.m. EST, WTI was trading down $0.58 (-0.79%) at $73.08 prior to the data release—up nearly $1 per barrel on the week. Brent crude was trading nearly falt for the day at $74.90—or $0.80 up on the week.
While crude oil inventories fell yet again this week, U.S. oil production rebounded to an average of 11.2 million bpd for the week ending June 11, according to the latest data from the Energy Information Administration. This is up 200,000 bpd from the week prior.
The API reported a build in gasoline inventories of 959,000 barrels for the week ending June 18—on top of the previous week's 2.852-million-barrel build. Analysts had expected a build of 833,000-barrel for the week.
Distillate stocks saw an increase in inventories this week of 992,000 barrels for the week, on top of last week's 1.956-million-barrel increase.
Cushing inventories fell this week by 2.550 million barrels.
Post data release, at 4:34 p.m. EDT, the WTI benchmark was trading at $73.08 while Brent crude was trading at $74.86 per barrel.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.