Distillate Stocks Sink Further as U.S. Crude Inventories Barely Budge

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 328,000 barrels in the week ending August 14. In the week prior, US crude oil inventories rose by 9.072 million barrels on the back of increased imports, decreased exports, and a sizeable injection from the Strategic Petroleum Reserve (SPR). Commercial crude oil inventories excluding the SPR have lost just over 49 million barrels over the last eighteen weeks, with US crude inventories up 1.88 million for the year, according to API data, kept…