Key facts
- US commercial crude inventories increased by 3 million barrels in the week ending September 18.
- Total US commercial crude stockpiles reached 426.4 million barrels.
- US crude inventories are 2% above the five-year average.
- Gasoline stocks decreased by 1.7 million barrels.
- Distillate inventories fell by 400,000 barrels.
- Distillate supplies are 12% below the five-year average.
Commercial crude oil inventories in the United States increased by 3 million barrels in the week ending September 18, according to data from the U.S. Energy Information Administration (EIA). This rise brings total commercial stockpiles to 426.4 million barrels, placing them 2% above the five-year average for this period. The EIA's figures followed a report from the API a day earlier, which indicated a gain of 1.786 million barrels in crude inventories for the same week.
Despite the increase in crude stockpiles, futures prices saw gains. Brent crude futures were trading up 2.17% at $101.40 per barrel, while WTI futures rose 1.63% to $92.00 per barrel on Wednesday morning. These gains occurred amidst strong overall demand, with total products supplied, a proxy for U.S. oil demand, averaging 20.6 million barrels per day over the last four weeks, a 0.5% increase compared to the same period last year.
Gasoline inventories decreased by 1.7 million barrels, while distillate inventories fell by 400,000 barrels. Distillate supplies are now 12% below the five-year average. Average daily gasoline production was 9.6 million barrels, and distillate production averaged 5.2 million barrels daily.