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US crude stocks dip as API sees inventory losses in early September
API data show commercial crude inventories excluding the SPR fell by just over 48 million barrels over 21 weeks, while WTI and Brent were up on the day.
Crude oil inventories in the United States edged lower in early September, with the American Petroleum Institute estimating a 300,000 barrel decline in the week ending September 4.
In the prior week, US crude inventories fell by 2.6 million barrels, continuing a longer draw. Over the last 21 weeks, commercial crude inventories excluding the Strategic Petroleum Reserve have dropped by just over 48 million barrels, while US crude inventories are up 2.8 million barrels for the year, according to API data, as the market has remained supported by SPR draws.
The SPR inventory level totaled 285.4 million barrels after another 1.2 million barrels left the reserve for the week ending September 4. That is 446 million barrels below maximum capacity, and the operational minimum is generally cited as 250 to 300 million barrels.
On the production and pricing side, US crude output for the week ending August 28 rose to 13.862 million barrels per day, up from 13.843 million in the prior week. At 3:16 pm ET on Wednesday, Brent traded up to about $101.46 per barrel, and WTI was around $96.44 per barrel, with both prices up roughly $6 per barrel versus the same time the prior week.
Latest closeWTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%