EIA: US crude stocks edged lower as product draws deepened

US commercial crude inventories slipped last week as resilient product demand outweighed higher crude imports, according to the Energy Information Administration (EIA).

Crude stocks declined by 0.6 million barrels to 414.8 million in the week ending 19 September, leaving inventories around 4% below the five-year average. The draw came despite crude imports rising sharply by 803,000 barrels per day (bpd) to 6.5 million bpd, while exports eased to 4.5 million bpd. Domestic production held steady at 13.5 million bpd, close to record highs.

Refinery activity remained robust, with crude inputs averaging 16.5 million bpd and utilisation steady at 93%.

Product balances tightened further. Gasoline inventories fell by 1.1 million barrels to 216.6 million, around 2% below seasonal norms, while distillate stocks dropped by 1.7 million barrels to 123.0 million, extending the deficit to 8% under the five-year average. In contrast, propane and propylene inventories rose by 1.0 million barrels to 99.9 million, sustaining a surplus of roughly 12% above seasonal levels.

The figures highlight a market where resilient demand and persistent distillate tightness continue to offset steady domestic supply and rising imports, keeping product balances as the dominant driver of sentiment.

Written: Aiman Haikal