Commercial crude inventories, excluding the Strategic Petroleum Reserve, climbed significantly for the week ending September 11, reversing the previous period's modest draw. Despite this weekly jump, the broader trend remains volatile; commercial stocks have shed over 41 million barrels over the last 22 weeks. The SPR remains a primary factor in these shifts, with another 400,000 barrels withdrawn to bolster commercial supplies, leaving the reserve at 285 million barrels—dangerously close to the lower efficiency threshold of 250 million barrels.

Domestic production continues to climb, reaching 13.947 million barrels per day for the week ending September 4, an increase of nearly half a million barrels compared to last year. This output growth has not dampened market sentiment, as both Brent and WTI crude prices rallied sharply. Brent climbed to $108.68, while WTI reached $107.38, reflecting gains of over $7 and $11 respectively over the past week. Meanwhile, refined products saw growth, with gasoline inventories rising by 1.46 million barrels and distillates adding 1.61 million, though both remain below five-year seasonal averages according to EIA reporting.