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The US Energy Information Administration reported that commercial crude oil inventories excluding the Strategic Petroleum Reserve rose by 3 million barrels to 426.4 million barrels in the week ended September 18. Gasoline inventories fell by 1.7 million barrels to 206 million barrels according to the same weekly petroleum status report while distillate stocks declined by 0.4 million barrels. Refinery utilization rates dropped 2.8 percentage points to 94 percent as runs decreased by 519,000 barrels per day. The Emirates News Agency detailed these movements in its coverage of the latest American petroleum balances.
WAM noted that the crude build defied analyst forecasts which had anticipated a draw of roughly 500,000 barrels. Stocks at the Cushing delivery hub increased by 2.3 million barrels to 23.7 million barrels in the period covered by the EIA data. US crude production edged lower to 13.9 million barrels per day. These operational details from the government report shaped trading decisions across futures markets.
Oil futures climbed on the day with the Brent benchmark rising nearly 4 percent to settle at $103.08 a barrel according to trading data. The price gain occurred even as the inventory report showed higher crude supplies because the gasoline draw signaled underlying product demand. West Texas Intermediate crude also posted solid gains though specific settlement levels varied by exchange. Market participants weighed the mixed signals against seasonal patterns in US fuel consumption.
The International Energy Agency has projected world oil demand to expand steadily through the remainder of the decade on the back of industrial and transportation needs in emerging economies. EIA historical records place current US commercial crude inventories about 2 percent above the five-year average for this time of year. OPEC data separately tracks how non-member supply growth has influenced global balances in recent quarters. Such longer-term benchmarks provided context for the latest weekly fluctuations.
Net US crude imports rose by 369,000 barrels per day in the week covered by the EIA assessment while SPR holdings fell by 405,000 barrels to 284.6 million barrels. Gasoline demand registered at 8.8 million barrels per day up slightly from the prior week according to the agency’s implied calculations. These demand and trade figures formed part of the complete dataset released on September 23. The combination influenced refining margins and crack spreads in subsequent trading.
EIA weekly reports have served as a primary reference for oil market analysis since the early 1980s with consistent methodologies applied to inventory tallies and utilization rates. The latest release followed a period in which cumulative commercial crude draws had exceeded 39 million barrels over the preceding 22 weeks according to agency compilations. Refiners continued to adjust output mixes in response to product-specific demand trends observed across regions.
