Key facts
- US crude oil inventories fell by 600,000 barrels in the week ending September 11.
- Commercial crude stockpiles stand at 423.4 million barrels.
- Gasoline inventories rose by 800,000 barrels.
- Middle distillate inventories increased by 1.6 million barrels.
- Total product demand averaged 20.5 million barrels per day over the past four weeks, a 0.6% decrease year-over-year.
Crude oil inventories in the United States decreased by 600,000 barrels in the week ending September 11, according to data from the U.S. Energy Information Administration (EIA). This brought commercial stockpiles to 423.4 million barrels, which are now 1% above the five-year average for this time of year.
The EIA's figures contrasted with those released by the American Petroleum Institute (API) a day earlier, which reported a gain of 7.14 million barrels in crude oil inventories for the same period.
Gasoline inventories increased by 800,000 barrels, while middle distillates saw an increase of 1.6 million barrels. Average daily gasoline production rose to 9.6 million barrels, and production of middle distillates decreased to an average of 5.2 million barrels daily. Distillate inventories are now 13% below the five-year average.
Total products supplied, a proxy for U.S. oil demand, averaged 20.5 million barrels per day over the last four weeks, down 0.6% compared to the same period last year. Gasoline demand averaged 8.8 million barrels per day over the last four weeks, and the distillate four-week average supplied was 3.6 million barrels, down 3.3% year over year.