Key facts
- US crude oil inventories increased by 7.14 million barrels in the week ending September 11.
- Strategic Petroleum Reserve (SPR) stocks decreased by 400,000 barrels.
- Total SPR inventory stands at 285 million barrels, 446 million barrels below maximum capacity.
- US production rose to 13.947 million bpd in the week ending September 4.
- Gasoline inventories gained 1.46 million barrels, and distillate inventories rose 1.61 million barrels.
- Cushing inventory fell by 246,000 barrels.
US crude oil inventories saw a significant increase of 7.14 million barrels in the week ending September 11, according to estimates from the American Petroleum Institute (API). This build occurred despite continued draws from the Strategic Petroleum Reserve (SPR), which released another 400,000 barrels during the reporting period. The SPR now holds 285 million barrels, which is 446 million barrels shy of its maximum capacity and nearing the operational minimum for efficient pumping and processing.
US production, meanwhile, edged up to 13.947 million barrels per day in the week prior, an increase from the previous week and year-over-year. Gasoline inventories also rose, adding 1.46 million barrels, while distillate inventories gained 1.61 million barrels. The key delivery hub for WTI futures, Cushing, saw its inventory fall by 246,000 barrels.
Despite the large build in crude inventories, both Brent and WTI crude benchmarks traded higher on Wednesday. Brent crude was up 2.84% at $108.68 per barrel, and WTI crude rose 3.70% to $107.38 per barrel.