API Reports 4.052M Barrel Increase in U.S. Oil Inventories as WTI Tests 4-Month Lows

Jun 4, 2024, 08:41 PM

The latest data from the American Petroleum Institute (API) reveals significant increases in U.S. oil inventories. Crude oil stocks rose by 4.052 million barrels, far exceeding the expected draw of 1.9 million barrels. Gasoline inventories increased by 4.026 million barrels, while distillate stocks saw a rise of 1.975 million barrels. Cushing, Oklahoma, a key delivery point for crude, reported an increase of 983,000 barrels. Additionally, the Strategic Petroleum Reserve (SPR) crude inventories rose by 0.9 million barrels to 370.2 million barrels, with sour crude up by 0.9 million barrels to 226.4 million barrels and sweet crude remaining unchanged at 143.8 million barrels. The report comes as WTI tests 4-month lows, and a private survey indicated a large headline crude oil build.