Crude oil stocks in the United States increased by 2.264 million barrels for the week ending June 14, as reported by The American Petroleum Institute (API). This follows a 2.428 million barrel decline in inventories reported by the API the previous week.
The Department of Energy (DoE) revealed on Tuesday that crude oil stocks in the Strategic Petroleum Reserve (SPR) grew by 0.4 million barrels as of June 14, bringing inventories to 370.9 million barrels—the highest since March 2023 but still lower than the 656 million barrels in June 2020.
Ahead of the API data release on Tuesday, oil prices were on the rise. At 3:48 pm ET, Brent crude was up $1.01 to $85.26, marking a $3.50 increase per barrel compared to the previous week, driven by market recovery post-OPEC‘s potential production cut rollback later this year. The U.S. benchmark WTI also saw gains, trading at +1.39% to $81.45, a $3.50 week-over-week rise.
Gasoline inventories decreased by 1.077 million barrels this week, following a 2.549-million-barrel drop last week, slightly below the five-year average according to the latest EIA data.
Distillate inventories increased by 538,000 barrels this week, compared to last week’s 972,000-barrel rise, with distillates standing at about 7% below the five-year average for the week ending June 7, as per the latest EIA data.
Cushing inventories, according to API data, rose by 524,000 barrels this week after falling by 1.937 million barrels in the previous week.