API Reports Inventory Draws In Crude, Gasoline Despite SPR Release

The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build. The draw comes even as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending May 13.

U.S. crude inventories have shed some 76 million barrels since the start of 2021 and about 18 million barrels since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 1.618 million…