United States crude inventories decreased more than expected last week, the American Petroleum Institute (API) said in its weekly report that US crude stockpiles dropped by 11.49 million barrels. Meanwhile, reserves in the industry hub in Cushing, Oklahoma, fell by 2.23 million barrels. The report is also said to have shown a rise of 1.4 million barrels in gasoline inventories and a 2.46-million-barrel jump in distillate stockpiles. Inventories are falling despite an increase in crude production.
“Ongoing strength in refining activity and crude exports have encouraged a solid draw to oil inventories, while peak summer refinery runs have resulted in builds for both gasoline and distillates,” said Math Smith, lead oil analyst for Americas at Kpler.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 3.1 million barrels last week – the biggest weekly draw since October 2021 – as barrels are pulled to the Gulf Coast to meet peak summer refining needs and export demand amid OPEC+ production cuts. NN: Do not let them shit you. Demand is soaring and production is peeking. forget the china is or is not. China is happening. Want proof? Look at the inventory numbers. Every week inventories drop by millions of barrels, They did not lose that much oil. They consumed it.