US Crude Inventories Slide
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.09 million barrels in the week ending Oct 2. In the week prior, US crude oil inventories grew by 1.019 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 38 million barrels over the last 25 weeks, but US crude inventories are up nearly 13 million for the…
Crude oil inventories in the United States have decreased by 2.09 million barrels in the week ending October 2, according to the American Petroleum Institute (API) estimates. Commercial crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), have lost over 38 million barrels over the past 25 weeks. However, overall US crude inventories have increased by nearly 13 million barrels for the year, partly due to draws from the SPR.
The SPR now holds 283 million barrels, short of its maximum capacity by 431 million barrels and still within the generally accepted operational minimum of 250-300 million barrels. US production for the week ending September 25 increased to 13.955 million barrels per day (bpd), up from the previous week's 13.939 bpd and 450,000 bpd compared to the same period last year.
Brent crude was trading at $100.90 per barrel on Wednesday at 4:30 PM ET, up 0.62% for the day. It has decreased by around $1.40 since a week ago. WTI was also trading at $89.71 per barrel, up by $0.28 per barrel, or 0.31%, on the day - a significant increase of nearly $1 per barrel since last week. Gasoline inventories fell by 1.37 million barrels in the week ending October 2, while distillate inventories rose by 461,000 barrels.
Cushing inventory, held at the delivery hub for the WTI Crude futures contract, increased by 866,000 barrels.
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