The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 3.296 million barrels in the week ending July 24. In the week prior, US crude oil inventories grew by 2.603 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 54 million barrels over the last fifteen weeks, with US crude inventories down just 3 million for the year, according to API data, kept in check by draws from the SPR. SPR inventories are now 424 million barrels shy of maximum capacity. Distillate inventories fell by 125,000 barrels, after rising 1.759 million barrels in the week prior.