US Gasoline, Distillate Inventories Continue to Fall as Crude Stocks Hold

AI Summary

US gasoline and distillate inventories continue to fall while crude oil stocks are holding steady, with a recent increase of 1.786 million barrels reported by the American Petroleum Institute (API). Despite inventory fluctuations, US crude stocks remain influenced by strategic petroleum reserve draws.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 1.786 million barrels in the week ending September 18. In the week prior, US crude oil inventories grew by a substantial 7.14 million barrels. Commercial crude oil inventories excluding the SPR have lost 39 million barrels over the last 23 weeks, but US crude inventories are up nearly 12 million for the year, according to API data, kept in check by draws from the SPR. For the week ending September 18, another 400,000 barrels left the SPR to…