SPR Support Drives US Crude Inventories Higher as Cushing Stockpiles Decline

The American Petroleum Institute reported US crude inventories rose by 7.14 million barrels for the week ending Sept 11, reversing the prior week’s draw, with about 0.4 million barrels pulled from the SPR to bolster commercial stocks. SPR holdings sit at 285 million barrels, well below maximum capacity. US production rose to 13.947 million bpd, while Brent and WTI trimmed gains earlier in the week but remained above $108 and $107 per barrel, respectively. Gasoline and distillates posted builds, and Cushing inventories fell by about 246,000 barrels as markets balanced on SPR draws and domestic supply.}