Commercial crude oil inventories in the US declined during the week ended May 22, according to estimates released by the American Petroleum Institute (API), alongside a broader decline in gasoline stockpiles.
In a report issued Wednesday, the institute said commercial crude inventories fell by 2.8 million barrels last week.
Gasoline inventories also declined by 3.19 million barrels over the same period, while distillate inventories — including diesel and heating oil — increased by 1.1 million barrels.
Official data from the US Energy Information Administration (EIA) is scheduled for release on Thursday, with expectations pointing to a 4-million-barrel decline in crude inventories, marking a fifth consecutive weekly drop.
The API report is typically released every Tuesday, followed by official EIA data on Wednesday. However, publication schedules changed this week due to the US market holiday last Monday.
At Wednesday’s settlement, July Brent crude futures fell 4.39%, or $4.37, to settle at $95.21 per barrel, while July WTI crude futures declined 5.44%, or $5.11, to $88.78 per barrel.
Commercial crude oil inventories in the US declined during the week ended May 22, according to estimates released by the American Petroleum Institute (API), alongside a broader decline in gasoline stockpiles.
In a report issued Wednesday, the institute said commercial crude inventories fell by 2.8 million barrels last week.
Gasoline inventories also declined by 3.19 million barrels over the same period, while distillate inventories — including diesel and heating oil — increased by 1.1 million barrels.
Official data from the US Energy Information Administration (EIA) is scheduled for release on Thursday, with expectations pointing to a 4-million-barrel decline in crude inventories, marking a fifth consecutive weekly drop.
The API report is typically released every Tuesday, followed by official EIA data on Wednesday. However, publication schedules changed this week due to the US market holiday last Monday.
At Wednesday’s settlement, July Brent crude futures fell 4.39%, or $4.37, to settle at $95.21 per barrel, while July WTI crude futures declined 5.44%, or $5.11, to $88.78 per barrel.
