US Distillate Stocks Continue to Fall As Crude Inventories Build
US Distillate Stocks Continue to Fall As Crude Inventories Build Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 1.019 million barrels in the week ending September 25.
Analysts had expected a 1.9 million barrel draw.
In the week prior, US crude oil inventories grew by 1.786 million barrels.
Commercial crude oil inventories excluding the SPR have lost 38 million barrels over the last 24 weeks, but US crude inventories are up nearly 13 million for the year, according to API data, kept in check in part thanks to draws from the SPR.
For the week ending September 25, another 800,000 barrels left the SPR to aid commercial inventories, bringing the new total inventory held in the SPR to283.8 million barrels—a level that is 430 million barrels shy of maximum capacity.
The generally accepted operational minimum for oil in the SPR is between 250-300 million barrels, below which the reserve may find it difficult to pump and process oil efficiently.
US production for the week ending Sept 18 fell to13.939 million bpd, down from 13.944 in the week prior, and up 438,000 bpd from a year earlier.
At 4:15 pm ET on Wednesday,Brent crudewas trading down on the day at$102.32(-2.83%).
While down on the day, Brent has risen nearly $5 since a week ago.
WTI was also trading down on the day, by $3.64 per barrel (-3.93%) at$88.96, which is down just $0.20 since this time last week.
Gasoline inventories rose 2.991 million barrels in the week ending September 25.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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