The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 765,000 barrels in the week ending June 19. In the week prior, US crude oil inventories fell by 8.33 million barrels. Although commercial crude oil inventories excluding the SPR have been falling rapidly for the last 2+ months, shedding 53 million barrels over the last ten weeks, US crude inventories are only down 2.1 million barrels so far this year, according to API data, kept in check by draws from the SPR. Gasoline inventories rose again last week, by 1.238 million barrels in the week ending June 19. In the week prior, gasoline inventories increased by 2.479 million barrels. Distillate inventories rose by 1.447 million barrels, after sinking by 461,000 barrels in the week prior.

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