Key facts
- US crude oil inventories increased by 4.4 million barrels in the week ending August 14, reaching 428.8 million barrels.
- API estimated a draw of 328,000 barrels for US crude inventories in the same period.
- Distillate inventories fell by 1.5 million barrels, now 13% below the five-year average.
- Gasoline inventories increased by 700,000 barrels.
- Total products supplied, a proxy for US oil demand, averaged 20.5 million barrels per day over the last four weeks, down 2.9% year over year.
Crude oil inventories in the United States saw a significant increase of 4.4 million barrels for the week ending August 14, according to data from the U.S. Energy Information Administration (EIA). This brings total commercial stockpiles to 428.8 million barrels, aligning with the five-year average for this period. The EIA's figures contrast with earlier data from the American Petroleum Institute (API), which reported a decrease of 328,000 barrels for the same week.
Gasoline inventories climbed by 700,000 barrels, while production increased to 9.7 million barrels per day. Middle distillates, however, saw inventories decrease by 1.5 million barrels, with production falling to 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, a 2.9% decrease compared to the same period last year. Gasoline demand averaged 8.9 million barrels per day over the last four weeks, and distillate demand averaged 3.7 million barrels, down 0.8% year over year.
Crude futures traded higher on Wednesday morning, with Brent futures at $91.41 per barrel and WTI at $85.41 per barrel. Both benchmarks were up nearly $3 per barrel since the previous week.