US Crude Inventories Fall by 0.6M Barrels, Defying API Build Estimates

Key Facts

1The EIA reported a decrease in crude oil inventories by 0.6 million barrels for the week ended September 11.

In a move reflecting ongoing supply volatility in the world's largest energy consumer, the US Energy Information Administration (EIA) reported a decrease in crude oil inventories by 0.6 million barrels for the week ended September 11. This draw contrasts with earlier data from the American Petroleum Institute (API) which suggested a potential build, highlighting the delicate balance between domestic production and refinery demand.

Per market data and official reports, commercial crude stocks (excluding the Strategic Petroleum Reserve) stood at 423.4 million barrels, while gasoline inventories saw an increase of 0.8 million barrels. Although the reported draw was smaller than the consensus estimate of 1.6 million barrels, it remains a bullish signal compared to the API's previously reported build of 7.1 million barrels.

Looking ahead, energy markets are monitoring price stability following these official figures, though current numeric price levels are unavailable at this snapshot. According to the economic calendar, this data follows the release of the OPEC Monthly Report on September 10, placing these weekly inventory shifts within a broader context of global production and demand trends.