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Crude oil inventories in the United States saw another significant increase, with a 6.203 million barrel increase last week, the American Petroleum Institute (API) data showed on Tuesday, bringing the total number of barrels gained so far this year to nearly 59 million barrels.
This week, SPR inventory held steady for the seventh week in a row at 371.6 million barrels—the lowest amount of crude oil in the SPR since December 1983. But the Biden Administration previously announced that there would be further releases from the SPR in the amount of 26 million barrels after the stockpiles dropped by 221 million barrels last year.
Oil prices traded up on Tuesday in the run-up to the data release. At 12:29 p.m. EST, WTI was trading up $1.80 (2.38%) on the day to $77.48 per barrel, and up nearly $1.50 per barrel from this time last week. Brent crude was trading up $1.54 (+1.87%) on the day at $83.99—a weekly increase just shy of $1 per barrel.
U.S. crude oil production stayed at 12.3 million bpd for week ending February 17—the highest production rate since last April 2020. U.S. production is still 800,000 bpd lower than the peak production seen in March 2020.
WTI was trading at $76.86 shortly after the data release.
Gasoline inventories fell by 1.774 million barrels after last week’s API data showed the fuel inventories rising by 894,000 barrels. Distillates fell 341,000 barrels after rising by 1.374 million bpd in the week prior.
Inventories at Cushing, Oklahoma, increased by 483,000 barrels on top of the 781,000 barrel hike reported last week.
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.