01.09.202621:00:58UTC+00US Crude Oil Inventories Resume Drawdown

US crude oil inventories declined by 2.6 million barrels in the week ending August 28, according to the American Petroleum Institute (API), partially offsetting a 4.2 million-barrel build in the previous week. Over the past 20 weeks, commercial crude stocks excluding the Strategic Petroleum Reserve (SPR) have fallen by just over 48 million barrels, although total US crude inventories remain 3.1 million barrels higher year-to-date.

The SPR saw a further draw of 3.1 million barrels, bringing total reserves down to 286.6 million barrels, a level that remains within the broadly accepted operational range of 250–300 million barrels.

US crude production edged up to 13.843 million barrels per day (bpd) in the week ending August 21, from 13.830 million bpd a week earlier, representing a year-on-year increase of 461,000 bpd.

On the products side, gasoline inventories rose by 300,000 barrels following a 3.2 million-barrel draw the previous week. Distillate stocks fell by 300,000 barrels, extending the prior week’s 500,000-barrel decline. At the Cushing, Oklahoma, delivery hub, inventories increased by 200,000 barrels after a 1 million-barrel build in the preceding week.