U.S. Crude Oil Inventories Drop for Third Straight Week

The Energy Information Administration reported that U.S. commercial crude oil inventories decreased by 640,000 barrels to 423.4 million barrels for the week ending September 11. This marks the third consecutive weekly decline in crude stocks, although the draw was smaller than the 1.4 million barrel drop analysts had anticipated.

While crude inventories fell, other fuel stocks saw increases. Gasoline inventories rose by 794,000 barrels to 207.7 million barrels, and distillate fuel stocks increased by 1.6 million barrels to 107.9 million barrels. The Strategic Petroleum Reserve also recorded a decrease of 403,000 barrels.

U.S. crude production remained steady at 13.9 million barrels per day. However, refinery capacity utilization experienced a slight dip, falling to 96.8% from the previous week's 97.8%.