U.S. Crude Oil And Gasoline Inventories Drop Off

, according to The American Petroleum Institute API . Analysts had estimated a 1.8 million barrel build for crude oil. For the week prior, the API reported a 4.09 million barrel build in crude inventories. On Tuesday, the Department of Energy DoE reported that crude oil inventories in the Strategic Petroleum Reserve SPR rose by 0.8 million barrels as of April 19. Inventories are now at 365.7 million barrels—the highest point since last April.

benchmark WTI was also trading up on the day by 1.76% at $83.34, but down roughly $2 per barrel from this time last week. Gasoline inventories also fell this week, by 595,000 barrels, after falling by 2.51 million barrels in the week prior. As of last week, gasoline inventories were about 4% below the five-year average for this time of year, according to the latest EIA data. Distillate inventories rose this week by 724,000 barrels, after last week’s 427,000-barrel dropoff.

Oil Inventories Crude Gasoline Refining Distillates Downstream

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