US Crude Oil, Product Inventories Fall Even As Hormuz Traffic Begins to Flow

US Crude Oil, Product Inventories Fall Even As Hormuz Traffic Begins to Flow

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 399,000 barrels in the week ending July 3. In the week prior, US crude oil inventories fell by 6.072 million barrels. Although commercial crude oil inventories excluding the SPR have been falling rapidly for more than two months, shedding almost 60 million barrels over the last twelve weeks, US crude inventories are only down 8.6 million barr…

US API Crude Oil Inventories Decline Less Than Expected In Latest Weekly Report

BitcoinWorld US API Crude Oil Inventories Decline Less Than Expected in Latest Weekly Report The American Petroleum Institute (API) reported a weekly crude oil inventory draw of 0.399 million barrels for the week ending July 3, falling short of analyst expectations which had projected a larger decline of 1.5 million barrels. The data, released on Tuesday, provides an early snapshot of U.S. supply and demand dynamics before the official Energy I…