Crude oil reserves in the United States reached 426.4 million barrels with an increase of 3 million barrels in the week ending September 18, 2023. This amount is now 2 percent higher than the five-year average for this time of year.
Analysis of Reserves and Fuel Production
New statistics from the U.S. Energy Information Administration (EIA) show that crude oil reserves have significantly increased this week. This comes as previous reports from the American Petroleum Institute (API) indicated that crude oil reserves rose by 1.786 million barrels last week. In global markets, crude oil prices in New York reached $92.00 per barrel, reflecting a decrease of about $10 compared to last week.
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Additionally, regarding fuel production, the EIA announced that gasoline reserves faced a decrease of 1.7 million barrels. Daily gasoline production during this period averaged 9.6 million barrels. For middle distillates, reserves decreased by 400,000 barrels, and production reached 5.2 million barrels per day. This reduction in middle distillate reserves means that these reserves are 12 percent below the five-year average.
Demand and Market Situation
In the past four weeks, the average total demand for petroleum products in the United States reached 20.6 million barrels per day, indicating a 0.5 percent increase compared to last year. Gasoline demand during this period averaged 8.8 million barrels per day, while the average supply of middle distillates over these four weeks was 3.6 million barrels, showing a 0.3 percent annual decrease.
This data clearly indicates the fluctuations present in the oil market and its impact on production and demand in the United States. Given the increase in crude oil reserves, there may be concerns about future demand and its impact on prices.
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