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U.S. crude inventories build to 427.3 million barrels as distillate stocks stay tight
EIA data show crude stocks rose 922,000 barrels to 427.3 million while gasoline and distillate inventories fell; distillates now sit 14% below the five-year average.
Why it matters
The data point to a bifurcated U.S. fuel market: crude storage is edging back toward its seasonal norm, but distillate inventories remain deeply below average with winter approaching. That imbalance matters because diesel and heating oil demand picks up in the fourth quarter, and refiners are heading into autumn maintenance.
Full report
The U.S. Energy Information Administration's weekly petroleum status report, covering the week ending September 25 and released Wednesday at 10:30 a.m. EDT, showed commercial crude oil inventories rising by 922,000 barrels to 427.3 million barrels — about 2% above the five-year average for this time of year. The build was slightly smaller than the 1.019-million-barrel increase the American Petroleum Institute estimated a day earlier.
Motor gasoline inventories fell by 1.7 million barrels, while middle distillates dropped by 2.3 million barrels, leaving distillate stocks about 14% below the five-year average — the tightest seasonal position in the report.
Total products supplied, the EIA's proxy for demand, averaged 20.8 million barrels per day over the last four weeks, up 2.1% from the same period a year ago. Gasoline demand averaged 8.7 million barrels a day, and distillate demand was up 5.2% year over year at 3.8 million barrels a day.
Crude futures were trading higher Wednesday morning. At about 10:22 a.m. New York time, Brent futures were at $103.34 a barrel, up 0.73% on the day, and WTI was at $90.76, up 1.54% on the day — though still down about $1.25 a barrel from this time last week. Traders weighed the modest crude build against tight distillate inventories and geopolitical risk.
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