US Crude Oil Inventories Rise Amid Falling Production

US crude oil inventories rose by 0.7% in the week ending September 18, according to data released by the Energy Information Administration (EIA). The increase brought commercial crude stocks to approximately 426.4 million barrels.

The market had expected a decrease of around 700,000 barrels, but instead saw inventories rise by about 3 million barrels. Strategic petroleum reserves, however, decreased by about 400,000 barrels to 284.6 million barrels over the same period.

Gasoline inventories also fell, decreasing by approximately 1.7 million barrels to 206 million barrels.

In related news, US crude oil production dropped to around 13.94 million barrels per day in the week ending September 18, down from the previous level of 14.01 million bpd. Crude oil imports decreased by about 1.18 million barrels per day to 5.88 million barrels per day, while exports fell by approximately 1.55 million barrels per day to 3.28 million barrels per day.

The EIA had previously forecasted that US crude oil output would average 13.83 million barrels per day in 2026, as stated in its Short-Term Energy Outlook (STEO) released on September 9.