US crude oil inventories increased by 1.786 million barrels in the week ending September 18, following a sharp build of 7.14 million barrels in the prior week. Over the past 23 weeks, commercial crude stocks excluding the Strategic Petroleum Reserve (SPR) have fallen by a cumulative 39 million barrels, yet they remain nearly 12 million barrels higher year-to-date.
During the week ending September 18, an additional 400,000 barrels were released from the SPR to support commercial inventories, reducing SPR holdings to 284.6 million barrels. This level remains within the commonly cited operational range of 250 million to 300 million barrels.
At Cushing, Oklahoma, the key delivery hub, inventories rose by 2.082 million barrels after a 246,000-barrel draw the previous week. US crude oil production was unchanged at 13.944 million barrels per day in the week ending September 11, an increase of 462,000 barrels per day compared with the same period a year earlier.
On the product side, gasoline inventories fell by 2.16 million barrels, while distillate stocks decreased by 2.164 million barrels.
