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Julianne Geiger reports on the decrease in United States crude oil inventories during the week ending August 28.

Julianne Geiger reported that United States crude oil inventories saw a decrease of 4.5 million barrels during the week ending August 28. This figure follows a 4.2 million-barrel increase in the previous week. Commercial crude inventories excluding the Strategic Petroleum Reserve (SPR) have declined by over 48 million barrels over the past 20 weeks. Additionally, 3.1 million barrels left the Strategic Petroleum Reserve, bringing total reserves to 286.6 million barrels. Data from the American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) also indicated that gasoline inventories increased by 300,000 barrels, while distillate stocks declined by 300,000 barrels. Total products supplied, which serves as a proxy for U.S. oil demand, averaged 20.4 million barrels per day over the last four weeks, which is a 4% decrease compared to the same period last year.

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