US Oil Stocks Surge While Brent and WTI Prices Climb

U.S. crude oil inventories rose by 7.14 million barrels in the week ending September 11, marking a significant increase after previous declines according to API data. Commercial stocks excluding Strategic Petroleum Reserve (SPR) have drawn down over 41 million barrels since last November, while total U.S. inventory is up nearly 10 million for the year as SPR withdrawals totaled an additional 400,000 barrels that week. The new SPR balance stands at 285 million barrels, approaching its operational minimum threshold of 250–300 million barrels needed to ensure efficient pumping and processing capabilities. U.S. crude production increased by 452,000 barrels per day compared to the same period last year, reaching 13.947 million bpd for the week ending September 4. In parallel with inventory gains, energy prices showed strength; Brent crude traded up $7 or more from a week ago at $108.68 on Wednesday, while West Texas Intermediate (WTI) gained roughly $11 per barrel to reach $107.38 after climbing over the previous 24 hours. Gasoline and distillate inventories also increased by 1.46 million and 1.61 million barrels respectively in that week.