U.S. Crude Inventories Plummet as Refineries Hit Near-Full Capacity

A 4.5 million barrel drop in U.S. commercial crude stockpiles last week shattered market expectations, as domestic refineries pushed operations to 98% capacity. The sharp decline, reported Wednesday by the Energy Information Administration, highlights a aggressive pace of processing that far outstripped the 300,000-barrel withdrawal analysts had initially projected.

September 2, 2026, 06:33 PM 189 0

U.S. Crude Inventories Plummet as Refineries Hit Near-Full Capacity

While commercial crude stocks fell to 424.5 million barrels for the week ending Aug. 28, the Strategic Petroleum Reserve saw an additional drawdown of 3.1 million barrels, bringing its holdings to 286.6 million. Despite the high refinery throughput, production figures crept upward, with domestic output rising to 13.86 million barrels a day. The Nymex delivery hub in Cushing, Oklahoma, bucked the national trend, recording a modest inventory build of 80,000 barrels.

Downstream products presented a mixed picture for the energy sector. Gasoline inventories dipped by 1.2 million barrels to 205.7 million as demand softened, yet this decline proved less severe than the 1.7 million barrel drop anticipated by the market. Conversely, distillate fuel stocks defied forecasts of a decline, climbing by 796,000 barrels to 104.2 million. These levels remain notably tight, sitting 14% below the five-year average for this time of year.

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