The Petroleum Institute: a sharp decline in US oil stocks last week


Oil tanks in Oklahoma State on April 21, 2020. Photo: Dron Pace – Reuters

(Reuters) – Data from the American Petroleum Institute showed on Tuesday that crude oil stocks in the United States fell sharply last week, while gasoline and distillate stocks rose.

Crude inventories fell 6.8 million barrels over the week ending July 24 to 531 million barrels, while analysts’ expectations were for an increase of 357,000 barrels.

The Petroleum Institute said that gasoline stocks rose 1.1 million barrels, while analysts polled by Reuters had expected a decrease of 733 thousand barrels.

Distillate stocks, which include diesel and heating oil, increased by 187,000 barrels, while analysts’ expectations indicated a decrease of 267,000 barrels.

The Institute of Petroleum data showed that last week, US imports of crude oil fell by 1.3 million barrels per day.

Wajdi Al-Alfy prepared for the Arab Bulletin


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