U.S. crude oil inventories declined by 328,000 barrels in the week ended August 14, according to the American Petroleum Institute (API), a modest draw that contrasted with a prior week gain of 9.072 million barrels driven by higher imports, reduced exports and a significant drawdown from the Strategic Petroleum Reserve (SPR).
Commercial crude stocks excluding the SPR have fallen by roughly 49 million barrels over the past 18 weeks, leaving total U.S. inventories up just 1.88 million barrels year-to-date. The SPR contributed an additional 5.3 million-barrel draw during the latest reporting period, reducing the reserve to 293.4 million barrels—438 million barrels below its maximum capacity.
Analysts note that the SPR’s operational minimum is typically considered between 250 million and 300 million barrels; falling below this range could impair the reserve’s ability to efficiently pump and process crude.
U.S. crude production rose to 13.805 million barrels per day in the week ended August 7, up from 13.804 million bpd the prior week and 521,000 bpd higher than the same period last year.
Crude prices were modestly higher on the day, with WTI at $91.10 per barrel (+0.25%) and Brent at $85.90 (+0.53%), reflecting gains of about $2 and $1.70 per barrel, respectively, from the prior week.
Gasoline inventories increased by 1.076 million barrels in the latest week, reversing a prior decline of 1.531 million barrels. Despite the gain, gasoline stocks remain 6% below the five-year seasonal average, based on the latest Energy Information Administration (EIA) data.
Distillate inventories, which include diesel and jet fuel, fell by 2.797 million barrels, following a prior draw of 596,000 barrels. The category now sits 12% below the five-year average for this time of year.
At the Cushing, Oklahoma delivery hub for WTI futures, inventories declined by 1.439 million barrels after rising by 1.571 million barrels in the prior week.
