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US crude oil stocks fall by 600,000 barrels, surprising the market

Commercial crude inventories in the United States declined unexpectedly, as analysts had forecast an increase, amid rising imports and falling exports.

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Crude oil stocks in the United States decreased by 600,000 barrels during the week ending September 19, according to data released by the Energy Information Administration (EIA). This decline contradicts analysts’ expectations of an increase of around 500,000 barrels during the same period. Excluding strategic reserves, total inventories now stand at 414.8 million barrels.

This unexpected drop comes as US crude production remains high, with a slight increase to 13.50 million barrels per day. This level remains close to the country’s historical production record, indicating stable extraction operations nationwide.

Increase in imports, decline in exports

US crude imports rose by 14% compared to the previous week, while exports fell by 15%. This trade dynamic contrasts with recent weeks, during which strong exports had helped balance supply flows.

At the same time, refinery utilisation rates slightly declined, reaching 93% compared to 93.3% the previous week. A drop in activity that could, in theory, lead to an accumulation of unrefined stocks, which was not observed.

Strong domestic demand for refined products

Demand for refined products rose by 0.76%, with a notable contribution from gasoline, whose deliveries increased by 1.70%. This trend reflects robust domestic consumption, particularly in the fuel segment.

Market reaction was moderate. The West Texas Intermediate (WTI) barrel for November delivery rose by 1.29% to $64.23, while Brent crude from the North Sea for the same delivery date gained 1.18% to $68.43. Traders appeared to absorb the unexpected stock drop without significant adjustments to their positions.

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