EIA Reports Crude Build as Diesel Stocks Fall 14% Below Average

The U.S. Energy Information Administration said U.S. commercial crude oil inventories rose by 900,000 barrels in the week ending Sept. 25, lifting total stocks to 427.3 million barrels. That level sits about 2% above the five-year average for this time of year. The EIA release followed a similar weekly estimate from the American Petroleum Institute, which had reported a 1.019 million-barrel crude build one day earlier.

Refined product inventories showed weakness in the same report. Gasoline stocks declined by 1.7 million barrels — the second consecutive weekly drop of that magnitude — while production of gasoline averaged 9.5 million barrels per day during the latest reported week. Middle distillate inventories (which include diesel and heating oil) fell by 2.3 million barrels as production averaged about 5.0 million barrels per day.

The decline in distillates left those inventories roughly 14% below the five-year seasonal average, underscoring tighter supplies in that product category. Over the most recent four-week period, total products supplied, a proxy for U.S. oil demand, averaged 20.8 million barrels per day, up 2.1% from the same period a year earlier. Gasoline demand averaged 8.7 million barrels per day over those four weeks, and the four-week average for distillate supply was 3.8 million barrels per day, an increase of 5.2% year over year.

In futures trading on Wednesday morning, Brent and WTI were both trading higher: Brent was at $103.34 per barrel, up $0.75 on the day, and WTI was at $90.76, up $1.38. Brent was roughly $2 per barrel higher than the same time the previous week, while WTI was about $1.25 lower than a week earlier. The weekly EIA snapshot continues to be a key market input for refiners, traders and analysts assessing crude availability, refinery throughput and product tightness.