US crude oil inventories surged by 7.14 million barrels in the week ending September 11, reversing a decline of 300,000 barrels in the prior week. Over the past 22 weeks, commercial crude inventories excluding the Strategic Petroleum Reserve (SPR) have fallen by slightly more than 41 million barrels, even as total US crude inventories have risen by nearly 10 million barrels since the start of the year.
During the same week, an additional 400,000 barrels were released from the SPR, reducing its total holdings to 285 million barrels. The SPR’s generally accepted operational minimum is estimated at 250–300 million barrels.
At Cushing, Oklahoma, inventories declined by 246,000 barrels, following a 300,000-barrel draw in the previous week. US crude production increased to 13.947 million barrels per day in the week ending September 4, up from 13.862 million barrels per day a week earlier.
On the refined products side, gasoline inventories rose by 1.46 million barrels, while distillate stocks climbed by 1.61 million barrels.