A report released by the American Petroleum Institute (API) on Tuesday, September 15, showed increases in US inventories of crude oil, gasoline, and distillates for the previous week. For the week ending September 11, US crude oil inventories rose by 7.1 million barrels, gasoline inventories by 1.5 million barrels, and distillate inventories by 1.6 million barrels compared to the prior week.

The API data revealing a substantial 7.1-million-barrel surge in crude inventories—alongside simultaneous increases in gasoline and distillate stocks—reflects ample US crude supply and generally weak downstream demand. This exerts significant bearish pressure on crude oil prices and is expected to weaken cost-side support for related energy and chemical products.

US gasoline inventories rose by 1.5 million barrels week-on-week; the rise in stock levels indicates that end-user gasoline consumption fell short of expectations, exerting a moderately bearish influence on gasoline spot prices.

US distillate inventories increased by 1.6 million barrels week-on-week, raising supply-side pressure and exerting a moderately bearish influence on distillate spot prices.

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