API surplus 13M WITH SPR DRAW 17 times that surplus 221M U.S. crude inventories increased just 13 million barrels in 2022, according to API data, while crude stored in the nation Strategic Petroleum Reserves sunk by nearly 17 times that figure so far this year by 221 million barrels.
Look at this week, surplus of 3.29M crude with 2.7M SPR draw.
The API inventory also showed a 1.2 M barrel build in gasoline and a 2.4M barrel decline in distillate stockpiles.
Net draw of 0.61M barrels
(3.29M build +1.2M gasoline build) less ( 2.7M SPR and 2.4 distillate draw) = -0.61M.
The interesting thing is the inventories are down but the headlines are saying slowing demand. Time will tell.