EIA Reports Crude Build as Diesel Stocks Fall 14% Below Average

The U.S. Energy Information Administration recently reported a 900,000 barrel increase in crude oil inventories for the week ending September 25. The government data shows commercial stockpiles at 427.3 million barrels, which is 2% higher than the five-year average for this time of year. The increase follows similar findings from the American Petroleum Institute, which reported a 1.019 million barrel gain in the same period.

Crude futures were trading up at $1022.00 per barrel, while Brent futures were at $103.34 per barrel, both up from the previous day's prices. Total motor gasoline inventories decreased by 1.7 million barrels, while middle distillates fell by 2.3 million barrels, resulting in distillate stocks being 14% below their five-year average.

Over the past four weeks, total products supplied, which serves as a proxy for U.S. oil demand, averaged 20.8 million barrels per day, marking a 2.1% increase compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day, up 5.2% year-over-year, while distillate demand stood at 3.8 million barrels per day, a 5.2% increase year-over-year.