The U.S. Energy Information Administration reported a decrease of 400,000 barrels in crude oil inventories for the week ending September 4, bringing commercial stockpiles to 424.1 million barrels. The current inventory level aligns with the five-year average for this period. The American Petroleum Institute had previously disclosed a smaller decline of 300,000 barrels for the same timeframe.
Crude oil futures markets showed significant strength during trading on Thursday morning in New York. Brent crude futures climbed to $106 per barrel, representing a gain of $4.79, or 4.73%, for the day and approximately $12 per barrel higher compared to the same time the previous week. West Texas Intermediate crude also advanced, rising $4.45, or 4.63%, to reach $100.50 per barrel, with week-over-week gains of roughly $11 per barrel.
In related petroleum products, motor gasoline inventories increased by 1.3 million barrels following a decline of 1.2 million barrels in the preceding week. Daily gasoline production averaged 9.3 million barrels. Middle distillate inventories expanded by 2.1 million barrels, while production climbed to 5.3 million barrels daily. Distillate stocks currently sit 13% below the five-year average level.
Demand indicators showed year-over-year softening. Total products supplied, a measure used to gauge overall petroleum demand, averaged 20.1 million barrels per day over the four-week period, down 3.7% from the comparable period one year prior. Gasoline demand averaged 8.8 million barrels daily over four weeks, while distillate demand averaged 3.7 million barrels daily on a four-week basis, representing a 2.6% decline compared to the prior year period.
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