US crude oil inventories down by 2.2% for week ending Sept. 12

US commercial crude oil inventories fell by 2.2% in the week ending Sept. 12, according to data from the Energy Information Administration (EIA) released late Wednesday.

Stocks dropped by 9.3 million barrels to 415.4 million, defying market expectations of a 1.4 million-barrel increase.

Strategic petroleum reserves, which are excluded from commercial inventories, rose by 500,000 barrels to 405.7 million.

Gasoline inventories also decreased by 2.3 million barrels to 217.6 million.

– Crude production remains above annual forecast

EIA data showed that US crude oil production declined by 13,000 barrels per day (bpd) to around 13.48 million bpd during the same week.

Crude oil imports fell by 579,000 bpd to about 5.69 million bpd, while exports jumped by 2.5 million bpd to approximately 5.28 million bpd.

In its Short-Term Energy Outlook (STEO) released on Sept. 10, the EIA projected that US crude oil output would average 13.44 million bpd in 2025.

• Energy Information Administration (EIA)
• Short-Term Energy Outlook (STEO)
• US crude oil