U.S. Crude Oil Inventories Volatile With 19.1M Barrel API Increase and 3.859M Barrel EIA Decrease; Gasoline and Distillates Also Shift

U.S. crude oil inventories experienced notable fluctuations over recent weeks according to data from the American Petroleum Institute (API) and the Energy Information Administration (EIA). On June 17, API reported a sharp decline in crude oil stocks by 10.133 million barrels, significantly exceeding forecasts of a 0.6 million barrel drop. Gasoline stocks also decreased by 0.202 million barrels, while distillate stocks increased by 0.318 million barrels. The following week, EIA data showed a crude oil inventory decrease of 0.995 million barrels at Cushing, Oklahoma. Inventory levels continued to fluctuate, with July 1 API data indicating a modest crude oil stock increase of 0.68 million barrels, accompanied by a 3.458 million barrel decline in distillate stocks and a 1.92 million barrel rise in gasoline stocks. On July 8, crude oil inventories surged by 7.1 million barrels, while gasoline stocks fell by 2.2 million barrels and distillates declined by 0.8 million barrels. The week of July 15 saw an API-reported crude oil stock increase of 19.1 million barrels, far surpassing the forecasted 2 million barrel decrease, alongside a 4.53 million barrel drop in gasoline stocks and a 2.39 million barrel decline in distillates. However, EIA data released on July 16 revealed a 3.859 million barrel decrease in U.S. crude oil inventories, contrasting with the previous week's 7.07 million barrel increase and exceeding the estimated decline of 0.552 million barrels. Cushing crude oil inventories rose by 0.213 million barrels, while gasoline and distillate inventories increased by 3.399 million and 4.173 million barrels respectively. These inventory changes reflect ongoing volatility in U.S. petroleum supply levels amid varying demand and production dynamics.