US oil inventories rise by 3 million barrels — OilPrice

Commercial crude oil inventories in the United States rose by 3 million barrels in the week ending September 18, reaching 426.4 million barrels. This is 2% above the five-year average for this period, according to data from the US Energy Information Administration, as reported by OilPrice.

Earlier, the American Petroleum Institute reported an increase in crude oil inventories of 1.786 million barrels for the period.

Gasoline and distillate inventories declined

Motor gasoline inventories fell by 1.7 million barrels during the reporting week, while they had increased by 800,000 barrels a week earlier. Average daily gasoline production amounted to 9.6 million barrels.

Middle distillate inventories decreased by 400,000 barrels, while their production fell to 5.2 million barrels per day. Distillate inventories were 12% below the five-year average.

More current news is available on the UA.News Telegram channel Telegram.

Oil prices rose

Despite the increase in crude oil inventories, oil futures were rising. As of 10:05 a.m. New York time, Brent futures were trading at $101.40 per barrel, up $2.15, or 2.17%, from the previous day. At the same time, this was about $6 lower than a week earlier.

US WTI crude futures were trading at $92 per barrel, gaining $1.47, or 1.63%, during the day. Compared with the same time last week, their price was about $10 per barrel lower.

Petroleum product supplies

Over the past four weeks, total petroleum product supplied, an indicator of oil demand in the United States, averaged 20.6 million barrels per day. This is 0.5% higher than in the same period a year earlier. Average gasoline supplied amounted to 8.8 million barrels per day, while distillates averaged 3.6 million barrels per day, down 0.3% year on year.