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API data reveals huge rise in US crude oil inventories
Crude oil inventories in the US rose by 10.9mbbl during the week ended 4 October, data from the API showed.
The body, the largest US trade association for the oil and gas industry, reported that gasoline inventories fell by 557,000bbl.
Meanwhile, distillate inventories also declined by nearly 2.6mbbl, revealed the data, which is compiled on a regular basis as part of a survey of oil storage facilities and companies.
On Tuesday, the US Energy Information Administration lowered its previously published demand level for global oil next year on the back of weakening economic activity in both the US and China.
The body, which collects and assesses energy information for better policymaking, said global oil demand is expected to grow by 1.2 million barrels per day (mbbl/d) to 104.3mbbl/d in 2025, a fall of 300,000 barrels per day (bpd) compared with previous forecasts.
In late August, the API reported that US crude storage levels had remained relatively stable this year, and had risen slightly over the previous week.
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The body reported that crude levels rose by 347,000bbl for the week ending 16 August. However, in the previous week, the organisation reported a fall in stocks of 5.2mbbl.
In July, Offshore Technology reported that the US Strategic Petroleum Reserve (SPR) had risen by almost 1mbbl, reaching 377mbbl, as the country tried to rebuild stocks that have been depleted over recent years.
The SPR, which has a maximum storage capacity of 714mbbl, is the world’s biggest supply of emergency crude oil, originally established to reduce the impact of disruptions in supplies of petroleum products.
In March 2022, President Joe Biden announced that 180mbbl of crude from the reserve would be sold over six months – the largest SPR sale in history – to combat soaring energy prices in the wake of Russia’s war in Ukraine.
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