Key facts
- US crude oil inventories fell by 400,000 barrels in the week ending September 4.
- Commercial crude stockpiles now stand at 424.1 million barrels, on par with the five-year average.
- Brent crude futures were trading at $106 per barrel, up 4.73% on the day.
- WTI crude futures were trading at $100.50 per barrel, up 4.63% on the day.
- Gasoline inventories increased by 1.3 million barrels, while distillate inventories increased by 2.1 million barrels.
- Total products supplied, a proxy for US oil demand, averaged 20.1 million barrels per day over the last four weeks, down 3.7% year-over-year.
Crude oil prices surged on Thursday morning, with Brent futures trading at $106 per barrel and WTI at $100.50, marking significant gains on the day and week. The rise coincided with the U.S. Energy Information Administration (EIA) reporting a decrease of 400,000 barrels in crude oil inventories for the week ending September 4. This figure follows the American Petroleum Institute's (API) earlier report of a 300,000 barrel draw for the same period. Commercial crude stockpiles now stand at 424.1 million barrels, aligning with the five-year average for this time of year. Meanwhile, gasoline inventories saw an increase of 1.3 million barrels, and distillate inventories rose by 2.1 million barrels. Average daily gasoline production fell to 9.3 million barrels, and total products supplied, a proxy for U.S. oil demand, averaged 20.1 million barrels per day over the last four weeks, a 3.7% decrease compared to the same period last year.