Overview
- The U.S. Energy Information Administration reported a 4.5 million barrel drop in commercial crude for the week ending Aug. 28 and put commercial stocks at about 424.5 million barrels, roughly 1% above the five‑year average.
- Industry estimates from the American Petroleum Institute differed, showing a 2.6 million barrel draw for the same week and adding short‑term uncertainty for traders and price discovery.
- API data indicate another roughly 3.1 million barrel withdrawal from the Strategic Petroleum Reserve that week, leaving the SPR in the roughly 286–307 million barrel range and close to commonly cited operational minimums.
- Refinery runs near or above 95 percent, elevated U.S. crude exports, and late‑summer gasoline demand have driven the sustained commercial draws, while middle distillates remain about 14% below their five‑year average.
- Markets and consumers should watch upcoming weekly EIA reports, refinery throughput and export flows for signs of continued draws because further tightness could push crude and retail fuel prices higher.