US Crude Inventories Leap by Record 7.14 Million Barrels
The American Petroleum Institute (API) reported that US crude oil inventories rose by a significant 7.14 million barrels in the week ending September 11, following a decline of 300,000 barrels in the previous week.
This surge brings total commercial crude oil inventories excluding the Strategic Petroleum Reserve (SPR) to approximately 41 million barrels lower over the last 22 weeks. However, US crude inventories remain up nearly 10 million for the year, according to API data, largely due to draws from the SPR.
The SPR has lost another 400,000 barrels in the week ending September 11, with a total of 285 million barrels now held in storage, still shy of its maximum capacity by approximately 446 million barrels. Experts warn that inventories below the operational minimum of 250-300 million barrels may lead to difficulties in pumping and processing oil efficiently.