US Oil Inventories Edge Lower Amid Softening Fuel Demand
Crude oil inventories in the US saw a decrease of 600,000 barrels during the week ending September 11. According to new data from the U.S. Energy Information Administration (EIA), commercial stockpiles now stand at 423.4 million barrels, 1% above the five-year average for this time of year.
This comes after API's figures reported that crude oil inventories had gained 7.14 million barrels in the period. Crude futures were trading down, with Brent futures trading at $107.36 per barrel and WTI trading at $103.80 per barrel.
The EIA also reported an increase in total motor gasoline inventories by 800,000 barrels, after gaining 1.3 million barrels in the week prior. Middle distillates inventories increased by 1.6 million barrels, but are now 13% below the five-year average.