US Distillate Stocks Continue to Fall As Crude Inventories Build

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 1.019 million barrels in the week ending September 25. Analysts had expected a 1.9 million barrel draw. In the week prior, US crude oil inventories grew by 1.786 million barrels. Commercial crude oil inventories excluding the SPR have lost 38 million barrels over the last 24 weeks, but US crude inventories are up nearly 13 million for the year, according to API data, kept in check in part thanks to draws from the SPR.

For the week ending September…

Market Context

Global crude oil markets remain sensitive to a combination of macroeconomic signals, OPEC+ production policy, and geopolitical developments across key producing regions. Brent crude and WTI serve as the primary price benchmarks, with spread movements reflecting regional supply-demand imbalances and refinery demand shifts.

Energy traders and analysts closely monitor inventory data from the U.S. Energy Information Administration (EIA), which releases weekly petroleum status reports that frequently move markets. Rising inventories typically signal demand weakness or oversupply, while draws support price recovery.

What to Watch

Analysts and traders will be watching upcoming EIA inventory reports, OPEC+ output decisions, and macroeconomic indicators — particularly U.S. Federal Reserve policy signals and China demand data — for directional cues on crude prices in the near term.