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The American Petroleum Institute (API) reported a large draw this week for crude oil of 3.799 million barrels, while analysts predicted a draw of 110,000 barrels.
The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in Week Ending June 24.
U.S. crude inventories have shed some 71 million barrels since the start of 2021 and about 15 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 5.607 million barrels—the biggest increase since February—after analysts had predicted a draw of 1.433 million barrels.
WTI was trading up on Wednesday at 2.06% in the runup to the release, rising to $111.18 per barrel by 3:00 pm on fresh market fears that OPEC could be closer to their maximum capacity than previously thought. Brent crude was trading up 2.63% on the day at $118.10—a nearly $8 gain on the week.
U.S. crude oil production data for the week ending June 17 was unavailable on Tuesday after the EIA reported that a voltage surge on June 17 had prevented it from publishing new data.
This week, the API reported a build in gasoline inventories of 2.852 million barrels for the week ending June 24, compared to the previous week's 1.216-million-barrel build.
Distillate stocks saw an inventory build of 2.613 million barrels for the week, compared to last week's 1.656-million-barrel decrease.
Cushing saw a decrease of 650,000 barrels this week, compounding last week’s draw. Official EIA inventory Cushing data for week ending June 17 was unavailable at the time of publication.
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.