Crude oil reserves in the United States increased by 900,000 barrels to reach 427.3 million barrels for the week ending September 25. According to data released by the U.S. Energy Information Administration (EIA), this increase has pushed commercial crude oil reserves 2% above the five-year average for this time of year. This report follows the release of data from the American Petroleum Institute (API) indicating a 1.019 million barrel increase in crude oil reserves during the same period.
Fluctuations in Crude Oil Prices
Futures prices for crude oil in New York rose at 10:22 AM local time, with Brent crude reaching $103.34 per barrel, reflecting a daily increase of $0.75 or 0.73%. Additionally, West Texas Intermediate (WTI) crude prices also increased by $1.38 to $90.76 per barrel, indicating a decrease of about $1.25 compared to last week.
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Decrease in Gasoline and Diesel Reserves
Regarding gasoline, the EIA reported a decrease of 1.7 million barrels in reserves. Furthermore, the average daily gasoline production has reached 9.5 million barrels. In terms of diesel, reserves decreased by 2.3 million barrels, with average daily production at 5.0 million barrels. Diesel reserves are now 14% below the five-year average.
Overall, the production of petroleum products in the United States, which serves as a measure of U.S. oil demand, averaged 20.8 million barrels per day over the past four weeks, reflecting a 2.1% increase compared to last year. Gasoline demand during this period averaged 8.7 million barrels per day, and the four-week average supply of diesel reached 3.8 million barrels per day, indicating a 5.2% increase compared to last year.
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