Key facts
- US crude oil inventories rose 900,000 barrels in the week ending Sept 25, per EIA.
- Total commercial crude stockpiles reached 427.3 million barrels, 2% above the five-year average.
- Gasoline inventories decreased by 1.7 million barrels.
- Distillate inventories fell by 2.3 million barrels, now 14% below the five-year average.
- Total products supplied averaged 20.8 million barrels per day over four weeks, up 2.1% year-over-year.
Commercial crude oil inventories in the United States increased by 900,000 barrels in the week ending September 25, according to data from the U.S. Energy Information Administration (EIA). This build brings total stockpiles to 427.3 million barrels, which is 2% above the five-year average for this time of year. The EIA's figures followed a report from the American Petroleum Institute (API) that indicated a gain of 1.019 million barrels in crude inventories for the same period.
Gasoline inventories decreased by 1.7 million barrels, after losing 1.7 million barrels in the week prior. For middle distillates, inventories decreased 2.3 million barrels. Distillate inventories are now 14% below the five-year average.
Total products supplied, a proxy for U.S. oil demand, averaged 20.8 million barrels per day over the last four weeks, up 2.1% compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day over the last four weeks, with the distillate four-week average supplied at 3.8 million barrels—up 5.2% year over year.
Crude futures traded higher on Wednesday morning. Brent futures were trading at $103.34 per barrel, up $0.75 (+0.73%) on the day and up roughly $2 per barrel from this same time last week. WTI was also trading up on the day, by $1.38 per barrel (+1.54%) on Wednesday morning at $90.76, down about $1.25 per barrel since this time last week.