Oil Inventories See Modest Build, But Remain Below Average

API reports surprise 1.174 million barrel crude build, analysts expected 2 million barrel draw
Total crude inventories remain down 47 million barrels since April despite this week's build
Gasoline inventories also rose 4.21 million barrels, now 5% below 5-year average
Distillate inventories up 2.592 million barrels, 14% below 5-year average
Cushing inventories fell by 2.417 million barrels

oilprice.com

Relevant topic timeline:

8/31/2023

Column: Depleting US crude inventories lift oil prices

U.S. commercial crude oil inventories have fallen by 34 million barrels since mid-July, tightening the market and causing spot prices and spreads to rise.

9/6/2023

Strong Crude, Gasoline Draw Jolts Oil Prices

The American Petroleum Institute (API) has reported a significant draw in U.S. crude inventories, leading to a net draw in crude inventories since April of almost 50 million barrels.

9/7/2023

U.S. Oil Inventories See Large Drawdown, Tightening Supplies and Lifting Prices Toward Potential $100+ Per Barrel

Crude oil prices in the US increased due to a 6.3 million barrel inventory draw, following a massive decline of 10.6 million barrels the previous week, bringing inventories to the lowest in eight months.