US gasoline and distillate inventories declined — OilPrice

In the United States, for the week ending September 18, gasoline inventories fell by 2.16 million barrels, while distillate inventories declined by 2.164 million barrels. At the same time, crude oil inventories increased by 1.786 million barrels, according to an estimate by the American Petroleum Institute (API), as reported by OilPrice.

Oil inventory dynamics

During the previous reporting week, crude oil inventories in the United States increased by 7.14 million barrels. According to API data, commercial crude oil inventories excluding the Strategic Petroleum Reserve have decreased by 39 million barrels over the past 23 weeks. At the same time, since the beginning of the year, US crude oil inventories have increased by nearly 12 million barrels.

Another 400,000 barrels were withdrawn from the Strategic Petroleum Reserve during the week. The volume of oil in the reserve stood at 284.6 million barrels. The article notes that the operational minimum for efficient pumping and processing of oil from the reserve is usually estimated at between 250 million and 300 million barrels.

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Gasoline, distillates and the Cushing hub

A week earlier, gasoline inventories increased by 1.46 million barrels. According to the latest cited data from the US Energy Information Administration, before the current reporting period they were 5% below the five-year average for this time of year.

Distillate inventories increased by 1.61 million barrels in the previous week. Their level before the report was 13% below the five-year average. Inventories at Cushing, the delivery point for WTI futures, increased by 2.082 million barrels after declining by 246,000 barrels a week earlier.

US oil production for the week ending September 11 amounted to 13.944 million barrels per day, 462,000 barrels per day more than a year earlier.