Oil inventories On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of Sept 13. Inventories are now at 380.6 million barrels. The SPR is now up nearly 34 million from its multi-decade low last summer, although still down 254 million from when President Biden took office.
Gasoline inventories rose this week, by 2.34 million barrels, more than offsetting last week’s 513,000-barrel decrease. As of last week, gasoline inventories are 1% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose by 2.3 million barrels, adding onto last week’s smaller 191,000-barrel increase. Distillates were already about 8% below the five-year average for the week ending September 6, the latest EIA data shows.
Cushing inventories saw yet another large draw, with a loss of 1.4 million barrels, according to API data, on top of the 2.6-million-barrel draw from the previous week.