US Crude Oil Inventories Rise as Gasoline and Distillates Fall

US commercial crude oil inventories rose by 900,000 barrels in the week ending September 25, reaching 427.3 million barrels. This is a 2% increase above the five-year average for this time of year, according to data from the US Energy Information Administration (EIA).

On the other hand, gasoline and distillate inventories declined in the reporting week. Motor gasoline inventories decreased by 1.7 million barrels during that period, matching the decline recorded a week earlier.

Average gasoline production stood at 9.5 million barrels per day, while middle distillate inventories fell by 2.3 million barrels and their production declined to an average of 5 million barrels per day.

Available distillate inventories are now 14% below the five-year average. Meanwhile, total petroleum product supplied, used as an indicator of US oil demand, averaged 20.8 million barrels per day over the past four weeks, a 2.1% increase from last year's same period.