US Crude Oil Inventories Down Again, Losing 52 Million Barrels in 9 Weeks

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 8. 33 million barrels in the week ending June 12. Analysts had expected a 4. 5 million draw. In the week prior, US crude oil inventories fell by a rather large 9. 119 million barrels.

Although inventories have been falling rapidly for the last 2+ months, shedding 52 million barrels over the last nine weeks, US crude inventories are only down 1. 4 million barrels so far this year, according to API data.