The American Petroleum Institute (API) reported a draw this week for crude oil of 1.27 million barrels. U.S. crude inventories have grown by roughly 27 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly seven times that figure, at 188 million barrels.
The draw in crude oil inventories was despite the Department of Energy’s release of 3.6 million barrels from the Strategic Petroleum Reserves in the week ending October 14, leaving the SPR with 405.1 million barrels.…API Shows Crude, Products Draws As SPR Releases Slow
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