Key facts
- US crude oil inventories rose by 1.786 million barrels in the week ending September 18.
- Gasoline inventories fell 2.16 million barrels in the same week.
- Distillate inventories dropped by 2.164 million barrels.
- SPR inventories decreased by 400,000 barrels.
- Brent crude was trading at $97.85 per barrel, down on the day.
- WTI crude was trading at $89.14 per barrel, down on the day.
Crude oil inventories in the United States saw an increase of 1.786 million barrels in the week ending September 18, according to estimates from the American Petroleum Institute (API). This follows a substantial 7.14 million barrel increase in the prior week.
Despite recent draws, US crude inventories are up nearly 12 million barrels for the year, with the Strategic Petroleum Reserve (SPR) playing a role in managing commercial stocks. In the week ending September 18, 400,000 barrels were released from the SPR, bringing its total holdings to 284.6 million barrels, which is 429 million barrels shy of maximum capacity. The operational minimum for the SPR is generally considered to be between 250-300 million barrels.
US production for the week ending September 11 was reported at 13.944 million barrels per day, unchanged from the previous week but up from a year earlier. Meanwhile, gasoline inventories fell by 2.16 million barrels and distillate inventories dropped by 2.164 million barrels for the week ending September 18. Gasoline inventories were 5% below the five-year average, and distillate inventories were 13% below the five-year average heading into this reporting period.
Inventories at Cushing, Oklahoma, the delivery hub for WTI futures, rose by 2.082 million barrels after a decrease in the prior week. As of 3:55 pm ET on Wednesday, Brent crude was trading down 2.48% at $97.85 per barrel, and WTI was trading down 3.50% at $89.14 per barrel.