US Crude Inventories Fall in Early September

US crude oil inventories fell by 300,000 barrels in the week ended September 4th, following a 2.6 million-barrel decline in the previous week. Commercial crude inventories excluding the SPR have fallen by just over 48 million barrels over the past 21 weeks, while US crude inventories are up 2.8 million barrels year to date. Another 1.2 million barrels were released from the SPR to support commercial inventories, bringing total SPR holdings to 285.4 million barrels. The generally accepted operational minimum is 250-300 million barrels. Cushing inventories fell by 300,000 barrels after rising by 200,000 barrels the previous week. US production rose to 13.862 million bpd in the week ended August 28th, from 13.843 million bpd. Gasoline inventories fell by 1.9 million barrels, while distillate inventories rose by 2 million barrels.

US crude oil inventories fell by 2.6 million barrels in the week ending August 28th, according to the American Petroleum Institute (API), following a 4.2 million-barrel increase in the previous week. Commercial crude inventories excluding the SPR have declined by just over 48 million barrels over the past 20 weeks, while total US crude inventories are up 3.1 million barrels year-to-date. Another 3.1 million barrels left the SPR, bringing total reserves to 286.6 million barrels, within the generally accepted operational minimum of 250-300 million barrels. US crude production rose to 13.843 million bpd in the week ending August 21st from 13.830 million bpd, up 461,000 bpd year-on-year. Meanwhile, gasoline inventories increased by 300,000 barrels after falling 3.2 million barrels the previous week, while distillate stocks declined by 300,000 barrels following a 500,000-barrel draw. Cushing inventories rose by 200,000 barrels after increasing by 1 million barrels previously.

US crude oil inventories rose by 4.2 million barrels in the week ending August 21st, well above market expectations for a 1.9 million-barrel increase and reversing a 328,000-barrel decline in the previous week. Commercial crude inventories excluding the SPR have declined by just over 45 million barrels over the past 19 weeks, while inventories are up 5.8 million barrels year-to-date. Another 3.7 million barrels left the SPR, bringing total reserves to 289.7 million barrels, near the generally accepted operational minimum of 250-300 million barrels. Cushing inventories increased by 1 million barrels after falling by 1.44 million barrels in the previous week. Meanwhile, US crude production rose to 13.83 million bpd from 13.805 million bpd, up 503,000 bpd from a year earlier. Gasoline inventories fell by 3.2 million barrels, while distillate stocks declined by 500,000 barrels.