API: Crude Oil Stocks increased by 6 million barrels last week

American Petroleum Institute (API) statistics released on Tuesday, which came before the government released its official inventory figures, which would have included drawdowns from the national oil reserve, showed that U.S. crude stockpiles increased by more than 6 million barrels over the previous week. September 9, API reported that U.S. crude stockpiles increased by 6.035 million barrels. This contrasted with a gain of 3.6 million barrels the trade association reported for the week ending September 2.

The figures provide a preview of the official U.S. inventory data that will be released soon. Wednesday’s Energy Information Administration (EIA) report. The government agency reported an increase in oil stockpiles of 8.844 million barrels during the week to September 2, and the EIA published a build-up of 833,000 barrels for last week.

The EIA will now include drawdowns of crude from the Strategic Petroleum Reserve (SPR), which often alters the math on the outflow, in its weekly report. Additionally, according to the API, there was a drawdown of 3.23 million barrels of gasoline over the previous week as opposed to an outflow of 836,000 barrels.

The trade association recorded a rise of 1.75 million barrels for distillates compared to a decline of 1.833 million the previous week. September 9, the EIA is predicted to predict a depletion of 858,000 barrels of gasoline, compared to the 333,000 barrel rise the week before. The EIA is anticipated to announce a rise in distillates of 600,000 barrels as opposed to a gain of 95,000 barrels the previous week.

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