U.S. crude oil reserves decreased by 3.2 million barrels in the last week of September 2023, reaching 424.1 million barrels. Data released by the U.S. Energy Information Administration (EIA) indicates that this amount is now 1% above the five-year average for this time of year.
Analysis of Reserves and Prices
The decrease in U.S. crude oil reserves, reported by the EIA following statistics released by API, comes as API data indicated a decrease of 2.09 million barrels during the same period. Given these changes, oil prices in the market have also been affected, with Brent crude trading at $101.79 per barrel, while WTI is selling for $89.92 per barrel.
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Changes in Gasoline and Distillate Production
Regarding gasoline, the EIA has reported that reserves of this product have increased by 400,000 barrels, and daily gasoline production has reached 9.3 million barrels. This increase comes after a decrease of 1.7 million barrels in gasoline reserves last week. Additionally, daily distillate production has also increased to 5.3 million barrels, while distillate reserves have remained nearly unchanged and are now 12% below the five-year average.
Overall, petroleum products supplied as a measure of oil demand in the United States averaged 21.1 million barrels per day over the past four weeks, indicating a 0.7% increase compared to the same period last year. Furthermore, gasoline demand averaged 8.8 million barrels per day, and the average distillate supply during this period was reported at 3.8 million barrels, which is a 1.6% decrease compared to last year.
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