API Weekly Petroleum Report

Crude Oil Inventories Decline

Week Ending August 9

According to the American Petroleum Institute (API), crude oil inventories in the United States experienced a decline of 5205 million barrels during the week ending August 9. This represents a break from a five-week trend of consecutive inventory increases.

The API's Weekly Statistical Bulletin (WSB), published since 1929, provides comprehensive data on the nation's crude oil and petroleum product inventories. The WSB also reports on regional crude inventories and refinery operations.

The API's report suggests a modest tightening in the crude oil market, as the latest inventory draw brings total U.S. crude stocks to their lowest level since May. This decline may indicate increased demand or reduced production, warranting further monitoring in the coming weeks.