US commercial crude oil inventories declined for the second consecutive week during the period ending September 4, according to official data released by the US Energy Information Administration (EIA). Total crude stockpiles dropped by 0.4 million barrels to settle at 424.1 million barrels. However, the magnitude of the draw was significantly lower than market consensus estimates, which had projected a larger decline of 1.4 million barrels. The EIA report presented a mixed picture across refined products. While crude oil stockpiles contracted, gasoline inventories increased by 1.3 million barrels to reach 206.9 million barrels. Additionally, distillate stocks—which include diesel and heating oil—rose by 2.1 million barrels to stand at 106.3 million barrels. The smaller-than-expected crude draw alongside builds in refined fuels reflects subdued underlying domestic demand, keeping oil prices under pressure. Traders will be monitoring upcoming refinery utilization rates and import/export balances to gauge whether crude inventory drawdowns will accelerate into the autumn season. Institutional market participants will also closely track global supply dynamics, including OPEC+ production decisions and broader macroeconomic demand indicators, to assess the medium-term direction of crude benchmarks.
