The report highlights a sharper shift in refined products, where gasoline inventories dropped by 2.5 million barrels despite a rise in daily production to 9.8 million barrels. Meanwhile, middle distillate stocks grew by 2.2 million barrels, though they remain 14% below the five-year average. These figures arrive amid cooling demand metrics; total product supplied, a key proxy for consumption, averaged 20.5 million barrels per day over the last month, marking a 3.0% decline from the previous year.
U.S. Oil Inventories Stagnate as Gasoline Demand Softens
Domestic crude stockpiles rose by a marginal 100,000 barrels last week, reaching 428.9 million barrels according to U.S. Energy Information Administration data. This modest uptick leaves commercial reserves 1% above the five-year seasonal average, even as energy markets grapple with a broader slide in global prices.
Investors responded with caution on Wednesday morning as both major benchmarks retreated. Brent crude fell $1.58 to $86.94 per barrel, while WTI dropped $1.22 to $81.14. These prices reflect a significant correction from the previous week, with both benchmarks down by several dollars per barrel. The EIA figures offer a more conservative view than the American Petroleum Institute’s earlier estimate, which had projected a much steeper build of 4.2 million barrels for the same period.
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