US crude oil inventories fall 9.1M barrels: API

Oil tanks

Commercial crude oil inventories in the US declined during the week ended June 5, alongside a drop in gasoline stockpiles, according to estimates released by the American Petroleum Institute (API).

In a report issued on June 9, the institute said commercial crude inventories fell by 9.1 million barrels last week, while some estimates had indicated a decline of only 3.4 million barrels.

Gasoline inventories also decreased by 1.19 million barrels over the same period, while distillate inventories — including diesel and heating oil — increased by 1.3 million barrels.

Over the past eight weeks, crude oil inventories have fallen by 44 million barrels, while the total cumulative increase since the beginning of the year is only seven million barrels, the report noted.

Official data from the US Energy Information Administration (EIA) is scheduled for release today, June 10, with expectations pointing to a 2.9-million-barrel decline in crude inventories, marking a seventh consecutive weekly drop.

At Tuesday’s settlement, August Brent crude futures fell 2.97%, or $2.80, to settle at $91.45 per barrel, while July WTI crude futures declined 3.40%, or $3.10, to $88.20 per barrel.