U.S. Oil Inventories Edge Lower as Fuel Demand Softens
Crude oil inventories in the United States saw a decrease of 600,000 barrels during the week ending September 11, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 423.4 million barrels, according to government data, which are now 1% above with the five-year average for this time of year. The EIA’s data…
The U.S. Energy Information Administration reported a decrease of 600,000 barrels in crude oil inventories during the week ending September 11. Commercial stockpiles now stand at 423.4 million barrels, which is 1% above the five-year average for this time of year. The data release comes after the American Petroleum Institute released figures a day earlier, which showed a gain of 7.14 million barrels in crude oil inventories.
Crude futures were trading lower in New York markets, with WTI down by $2.03 per barrel or 1.92%. Total motor gasoline inventories increased by 800,000 barrels, while middle distillates saw an increase of 1.6 million barrels. Distillate inventories are now 13% below their five-year average. Over the past four weeks, total products supplied, which serves as a proxy for U.S. oil demand, averaged 20.5 million barrels per day, marking a 0.6% decrease compared to the same period last year.
Gasoline demand averaged 8.8 million barrels per day, down 3.3% year over year, while distillate demand was at 3.6 million barrels, a 3.3% decrease year over year.
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