Crude oil reserves in the United States increased by 7.14 million barrels in the week ending September 11, 2023, indicating a significant growth compared to the previous week when reserves decreased by 300,000 barrels.
Changes in Commercial and Strategic Reserves
According to published data, U.S. commercial crude oil reserves, excluding Strategic Petroleum Reserve (SPR) reserves, have decreased by more than 41 million barrels over the past 22 weeks. This year, U.S. crude oil reserves have increased by nearly 10 million barrels, while in the week ending September 11, 400,000 barrels were withdrawn from the SPR to bolster commercial reserves. Currently, the total reserves in the SPR have reached 285 million barrels, which is 446 million barrels less than the maximum capacity of these reserves. The typical operational minimum for oil reserves in the SPR is between 250 and 300 million barrels.
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Oil Production and Prices
U.S. oil production increased to 13.947 million barrels per day in the week ending September 4, up from 13.862 million barrels per day the previous week, indicating growth. Additionally, this production level represents an increase of 452,000 barrels per day compared to last year. In the market, Brent oil prices reached $108.68 per barrel on Wednesday, reflecting a 2.84% increase from the previous week. WTI oil prices also rose to $107.38 per barrel, indicating a 3.70% increase.
In another area, gasoline reserves increased by 1.46 million barrels in the week ending September 11, while gasoline reserves decreased by 1.9 million barrels the previous week. Diesel reserves also increased by 1.61 million barrels. However, diesel reserves remain 13% lower than the five-year average for this time of year.
Finally, Cushing reserves, which are held at the delivery hub for WTI crude oil futures contracts, decreased by 246,000 barrels during this period. This decrease followed a reduction of 300,000 barrels the week before.
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