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US Crude Oil and Gasoline Inventories Could Impact Oil Prices

Gordon Kristopher
US Crude Oil and Gasoline Inventories Could Impact Oil Prices

The API (American Petroleum Institute) released its oil and gasoline inventory report on July 17 after the post-settlement trade. The API estimated that US crude oil inventories rose by 0.6 MMbbls (million barrels) to 410.7 MMbbls on July 6–13. However, Reuters estimates that US oil inventories could have fallen by 3.6 MMbbls last week. August WTI oil futures contracts fell 0.7% in the early morning trading on July 18.