US Crude Inventories Rise as SPR Drops to 43-Year Low

The American Petroleum Institute (API) reported that U.S. crude oil inventories increased by 2.603 million barrels for the week ending July 17.

This marks a reversal from the prior week, when stockpiles had declined by 564,000 barrels.

However, commercial crude oil inventories excluding the Strategic Petroleum Reserve (SPR) have been declining rapidly for three months, shedding just over 57 million barrels over the last thirteen weeks.

The SPR dropped to 316.5 million barrels after removing an additional 5.1 million barrels in the week ending July 17.

This level is far lower than the 2023 low reached during the Biden Administration's large drawdown and represents the lowest level in over 43 years.