US Crude Stocks Surge

US crude oil inventories rose sharply by 7.14 million barrels in the week ending September 11th, following a 300,000-barrel decline in the previous week. Commercial crude inventories excluding the SPR have fallen by just over 41 million barrels over the past 22 weeks, while total US crude inventories are up nearly 10 million barrels year to date. Another 400,000 barrels were released from the SPR during the week, bringing total SPR holdings to 285 million barrels. The generally accepted operational minimum for the SPR is between 250 million and 300 million barrels. Cushing inventories fell by 246,000 barrels, following a 300,000-barrel decline the previous week. US production rose to 13.947 million bpd in the week ending September 4th, from 13.862 million bpd a week earlier. Gasoline inventories increased by 1.46 million barrels, while distillate inventories gained 1.61 million barrels.

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.