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3w ago

U.S. Oil Stocks Drop 9.3 Million Barrels as Fed Cuts Rates, Prices Hold in Range

Traders weigh easier U.S. policy against mixed supply signals.

An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang province, China July 18, 2022. cnsphoto via REUTERS/File Photo
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Overview

  • Official EIA data show a 9.3 million-barrel crude draw for the week ending Sept. 12, taking commercial inventories to 415.4 million barrels, about 5% below the five-year average.
  • The EIA report linked the sharp decline to record-low net imports and a jump in exports to a near two-year high.
  • Distillate inventories rose by roughly 4 million barrels but remain below the five-year norm, while gasoline stocks fell by about 2.3 million barrels.
  • The Strategic Petroleum Reserve increased by 500,000 barrels to 405.7 million, according to the Department of Energy.
  • Oil prices were little changed around $64–$68 per barrel after the Federal Reserve’s 25-basis-point cut and guidance for more easing, as markets also track Ukraine-related hits to Russian output and the return of OPEC+ supply.