US oil inventories rise by 7.14 million barrels — OilPrice
An estimate by the American Petroleum Institute (API) indicates that US crude oil inventories increased by 7.14 million barrels in the week ending September 11. A week earlier, they had declined by 300,000 barrels, according to the institute, OilPrice reports.
Commercial inventory dynamics
According to API data, commercial oil inventories excluding the US Strategic Petroleum Reserve have declined by more than 41 million barrels over the past 22 weeks. At the same time, since the beginning of the year, US crude oil inventories have increased by nearly 10 million barrels. OilPrice notes that these figures were accompanied by withdrawals of oil from the Strategic Petroleum Reserve.
During the week ending September 11, another 400,000 barrels were withdrawn from the Strategic Petroleum Reserve. After that, 285 million barrels remained in the reserve — 446 million barrels below its maximum capacity. The generally accepted operational minimum for the reserve is considered to be between 250 million and 300 million barrels; below this level, difficulties may arise with the efficient pumping and processing of oil.
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Fuel and the Cushing hub
US oil production in the week ending September 4 increased to 13.947 million barrels per day from 13.862 million barrels per day a week earlier. This is 452,000 barrels per day higher than a year earlier.
Gasoline inventories in the week ending September 11 increased by 1.46 million barrels after declining by 1.9 million barrels the previous week. According to the latest data from the US Energy Information Administration, before the new reporting period, gasoline inventories were 5% below the five-year average for this time of year.
Distillate inventories increased by 1.61 million barrels after rising by 2 million barrels a week earlier. They were 13% below the five-year average. At the same time, inventories in Cushing — the delivery point for WTI futures contracts — declined by 246,000 barrels, following a drop of 300,000 barrels the previous week.
