U.S. Crude Oil Inventories Rose 2.6 Million Barrels in Week Ending July 17

The American Petroleum Institute estimated that commercial crude oil inventories in the United States rose by 2.603 million barrels in the week ending July 17. The prior week had recorded a draw of 564,000 barrels. Year-to-date, the net reduction stands at 7 million barrels after accounting for releases from the SPR.

5.1 million barrels left the SPR in the latest week, bringing the total to 316.5 million barrels. This level is the lowest in more than 43 years and 420 million barrels below maximum capacity. The generally accepted operational minimum for the SPR is 250-300 million barrels.

U.S. crude production for the week ending July 10 averaged 13.861 million barrels per day, up 486,000 barrels per day from the same week a year earlier. Brent crude traded at $91.36 per barrel at 4:28 p.m. ET on July 21, up 2.40 percent on the day.