The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 3.420 million barrels in the week ending September 12, more than twice as much as analysts had predicted, which was a 1.6 million barrel draw.
So far this year, crude oil inventories are up nearly 5.3 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 500,000 barrels to 405.7 million barrels in the week ending September 12.
At 1:07 pm ET, Brent crude was trading up $1.01 (+1.50%) on the day, landing at $68.45—up roughly $1.50 per barrel from last week’s prices as Russian supply risks spooked the market. WTI was also trading up on the day, by $1.23 (+1.94%) at $64.53—a nearly $2 per barrel gain week over week.
Gasoline inventories fell by 691,000 barrels in the week ending September 12, after rising by 329,000 barrels in the week prior. As of last week, gasoline inventories were on par with the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose significantly for the second week in a row, this time adding 1.906 million barrels, following the week prior’s 1.5 million barrels. Distillate inventories were already 9% below the five-year average as of the week ending September 5, the latest EIA data shows.
By Julianne Geiger for Oilprice.com
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