US Oil Inventories Rise by 3 Million Barrels Amid Declining Gasoline Stocks
US oil inventories rose by 3 million barrels in the week ending September 18, according to data from the US Energy Information Administration. The total reached 426.4 million barrels, which is 2% above the five-year average for this period.
The American Petroleum Institute reported an earlier increase of 1.786 million barrels in crude oil inventories for the same period. Despite this rise in inventories, gasoline and distillate inventories declined.
Motor gasoline inventories fell by 1.7 million barrels during the reporting week, while middle distillate inventories decreased by 400,000 barrels. Distillate production also fell to 5.2 million barrels per day.
Oil prices rose despite the increase in crude oil inventories. As of 10:05 a.m. New York time, Brent futures were trading at $101.40 per barrel, up $2.15, or 2.17%, from the previous day. US WTI crude futures were trading at $92 per barrel, gaining $1.47, or 1.63%, during the day.