The U.S. Energy Information Administration released data on Wednesday detailing petroleum inventory movements for the week ending September 25. Crude oil stockpiles grew by 900,000 barrels, bringing total commercial supplies to 427.3 million barrels. This represents a 2% increase relative to the historical five-year average for the corresponding period.
The EIA figures followed preliminary reports from the American Petroleum Institute, which had indicated a somewhat larger crude inventory build of 1.019 million barrels for the same week. Crude futures markets responded positively to the data, with both major benchmark contracts advancing during morning trading. Brent crude futures traded at $103.34 per barrel, gaining 0.73% on the session and appreciating roughly $2 per barrel compared to the prior week. West Texas Intermediate futures climbed $1.38 per barrel to $90.76, though prices remained down approximately $1.25 from the previous week’s levels.
Refinery product inventories presented a mixed picture. Gasoline stocks declined by 1.7 million barrels, mirroring the previous week’s decline, while daily production averaged 9.5 million barrels. Middle distillate inventories fell 2.3 million barrels with production averaging 5.0 million barrels daily. Notably, distillate supplies now sit 14% below their five-year average level.
Demand indicators showed strengthening consumption patterns. Total products supplied, a metric tracking overall U.S. oil demand, averaged 20.8 million barrels daily over the preceding four weeks, up 2.1% from the comparable year-earlier period. Gasoline consumption averaged 8.7 million barrels daily over the four-week period, while distillate supplies averaged 3.8 million barrels daily—representing a 5.2% increase year-over-year.
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