• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 19 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 21 hours How Far Have We Really Gotten With Alternative Energy
  • 6 days Natron Energy Achieves First-Ever Commercial-Scale Production of Sodium-Ion Batteries in the U.S.
  • 6 days Bad news for e-cars keeps coming
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 8 days RUSSIA - Turkey & India Stop Buying Russian Oil as USA Increases Crackdown on Sanctions
India and Russia Deepen Trade Ties Despite Ukraine Conflict

India and Russia Deepen Trade Ties Despite Ukraine Conflict

Indian Prime Minister Narendra Modi's…

Oil Prices Drop as Hurricane Beryl Blows Over

Oil Prices Drop as Hurricane Beryl Blows Over

Oil prices were falling back…

Inventories of U.S. Crude Oil & Products Slip

Crude oil inventories in the United States fell this week by 2.428 million barrels for the week ending June 7, according to The American Petroleum Institute (API), after analysts had forecast a 1.75 million barrel draw.

For the week prior, the API reported a surprise 4.052 million barrel build in crude inventories.

On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.3 million barrels as of June 7. Inventories are now at 370.5 million barrels—the highest level since March of 2023, but still well below the 656 million barrels in inventory in June 2020.

Oil prices were trading up ahead of the API data release on Tuesday. At 3:23 pm ET, Brent crude was trading up $0.11 on the day at $81.84—up roughly $4 per barrel from this time last week as the market recovered from last week’s dropoff in prices following the OPEC decision. The U.S. benchmark WTI was also trading up on the day at +0.14% to $77.85—a nearly $4.50 gain week over week.

Gasoline inventories also fell this week, by 2.549 million barrels, partially ofsetting last week’s 4.026-million-barrel increase. As of last week, gasoline inventories were about 1% below the five-year average for this time of year, according to the latest EIA data.

Distillate inventories rose this week by 972,000 barrels, on top of last week’s 1.975-million-barrel rise. Distillates were 7% below the five-year average for the week ending May 31, the latest EIA data shows.

Cushing inventories fell this week, according to API data, by 1.937 million barrels after increasing by 983,000 barrels in the previous week.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Abhishek Sinha on June 11 2024 said:
    Why dont you also say how much is crude oil above or below the 5 yr average. You say that for gasoline and for distillates but not for crude?
  • George Doolittle on June 11 2024 said:
    If looks could kill they probably will in games without frontiers war without tears.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News