Key facts
- U.S. crude oil inventories fell by 4.5 million barrels in the week ending August 28.
- Commercial crude stockpiles are 1% above the five-year average.
- Total products supplied, a proxy for U.S. oil demand, averaged 20.4 million barrels per day over the last four weeks, down 4% year-over-year.
- Gasoline demand averaged 8.9 million barrels per day over the last four weeks.
- Distillate inventories increased by 800,000 barrels, while gasoline inventories decreased by 1.2 million barrels.
U.S. crude oil inventories fell by 4.5 million barrels in the week ending August 28, according to data from the U.S. Energy Information Administration (EIA). This brings commercial stockpiles to 424.5 million barrels, which are 1% above the five-year average for this time of year. The EIA's figures contrasted with the American Petroleum Institute's (API) report from the previous day, which indicated a 2.6 million barrel decrease in crude oil inventories.
Total motor gasoline inventories decreased by 1.2 million barrels, following a 2.5 million barrel drop in the prior week. Average daily gasoline production remained at 9.8 million barrels. Meanwhile, middle distillates inventories increased by 800,000 barrels, with daily production decreasing to 5.1 million barrels. Distillate inventories are now 14% below the five-year average.
Total products supplied, a proxy for U.S. oil demand, averaged 20.4 million barrels per day over the last four weeks, marking a 4% decrease compared to the same period last year. Gasoline demand averaged 8.9 million barrels per day over the same four-week period, while distillate supply averaged 3.7 million barrels, down 6% year over year.
Crude futures traded lower on Wednesday morning, with Brent futures at $94.01 per barrel and WTI at $89.24 per barrel. Despite the daily dip, both benchmarks were up significantly from the previous week.