U.S. Crude Oil Inventories Surge While Cushing Stocks Continue to Decline
Source Summary
The American Petroleum Institute reported that U.S. crude oil inventories rose by 7.14 million barrels in the week ending September 11, reversing the prior week's 300,000-barrel decline. Commercial crude inventories excluding the Strategic Petroleum Reserve have fallen over 41 million barrels in the past 22 weeks, though year-to-date crude inventories are up nearly 10 million barrels when accounting for SPR draws. The SPR released another 400,000 barrels during the week ending September 11.
Why it matters
The sharp weekly increase in crude inventories signals a potential shift in supply-demand dynamics, while ongoing SPR releases indicate continued government intervention to manage oil prices and supplies.
