U.S. crude stocks fell by 600,000 barrels in the week ended September 11, according to the Energy Information Administration. Commercial inventories, excluding the Strategic Petroleum Reserve, ended the week at 423.4 million barrels, about 1% above the five-year average.
The official figure contrasts with the much larger build indicated by the previous day’s voluntary industry estimate. The EIA also reported a 0.8 million-barrel rise in gasoline stocks and a 1.6 million-barrel increase in distillate stocks, leaving the product side of the report less supportive for oil prices than the crude draw alone might suggest.
U.S. Crude Stocks Draw While Refineries Stay Busy
U.S. refineries processed an average of 17.3 million barrels per day, down 256,000 barrels per day from the preceding week, while utilization remained high at 96.8% of capacity. Crude imports increased by 234,000 barrels per day to 7.1 million barrels per day.
The figures appear in the EIA’s official weekly petroleum summary. The agency said total commercial petroleum inventories, including products, increased by 2.6 million barrels for the week. That broader measure helps explain why a crude-only reading can give an incomplete impression of the supply balance.
Gasoline inventories remained 5% below their five-year average despite the weekly build. Distillate inventories were 13% below the comparable average, a potentially important buffer ahead of the Northern Hemisphere heating season and amid elevated fuel-market sensitivity to geopolitical disruption.
Demand Indicators Offer a Mixed Signal for Oil
Over the latest four weeks, total petroleum products supplied averaged 20.5 million barrels per day, down 0.6% from a year earlier. Gasoline product supplied was down 1.0%, and distillate product supplied was down 3.3%, while jet-fuel product supplied rose 4.4%.
U.S. crude stocks will remain only one factor in price formation. Traders will also assess refinery operations, import and export flows, OPEC+ policy and geopolitical risks. Weekly inventory figures can be volatile, so several releases are needed before drawing a firm conclusion about the underlying trend.
