Crude oil inventories in the United States decreased by 9.3 million barrels during the week ending September 12, after adding 3.9 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The draw is one of the largest weekly draws seen over the last few years, and brings commercial stockpiles to 415.4 million barrels according to government data, which is 5% below the five-year average for this time of year. The EIA's data release follows API's figures that were released a day earlier, which suggested that crude oil inventories contracted by 3.42 million barrels. For total motor gasoline, the EIA reported a decrease of 2.3 million barrels, after the week prior's 1.5-million-barrel increase. The most recent figures showed average daily gasoline production decreasing to 9.4 million barrels.

Powered by Commodity Insights