Inventory levels API Gasoline inventories also fell this week, by 3.689 million barrels, more than offsetting last week’s 3.31-million-barrel increase. Analysts had predicted a 1.1 million barrel draw. As of last week, gasoline inventories are 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories saw an increase this week of 612,000 barrels, on top of last week’s 1.22-million-barrel increase. Analysts had forecast a 1.8 million barrel draw. Distillates were about 6% below the five-year average for the week ending August 2, the latest EIA data shows.
Cushing inventories saw a draw of 2.277 million barrels, according to API data, countering the 1.07-million-barrel build in the previous week.
On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by another 0.7 million barrels as of August 9. Inventories are now at 376.5 million barrels.