API highlights Distillate inventories fell this week, by 2.908 million barrels, on top of last week’s 4.016 million barrels drop in the week prior. Distillates were already 7% below the five-year average for the week ending February 9, the latest EIA data shows.
Cushing inventories rose again this week, by 668,000 barrels after rising by 512,000 barrels in the previous week.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of February 16. Inventories are now at 359.5 million barrels—the highest level since May 2023.