U.S. Crude Oil Inventories Fall 399,000 Barrels in Week Ending July 3

The American Petroleum Institute estimated that U.S. crude oil inventories fell by 399,000 barrels in the week ending July 3. The prior week recorded a larger draw of 6.072 million barrels. Year-to-date, total U.S. crude inventories are down 8.6 million barrels, according to API data.

The SPR released another 6.2 million barrels in the week ending July 3, bringing its total to 325.7 million barrels. Current SPR holdings sit 405 million barrels below maximum capacity and mark the lowest level in over four decades.

U.S. crude production averaged 13.810 million barrels per day for the week ending June 26, down 9,000 barrels per day from the previous week, according to EIA data. Gasoline inventories fell 2.929 million barrels in the week ending July 3. Oil prices rose on the day, with Brent crude trading at $76.07 per barrel, up 5.67 percent, and WTI at $72.23 per barrel, up 5.37 percent.