US Crude Inventories Rise 3 Million Barrels Against Expected 500,000-Barrel Draw

US commercial crude oil inventories posted an unexpected build for the week ended September 18, rising by 3 million barrels, according to the Energy Information Administration. Analysts had forecast a decline of 500,000 barrels, making the actual result a roughly 3.5-million-barrel swing to the upside.

Total crude stocks now stand at 426.4 million barrels, putting US supplies approximately 2% above the five-year seasonal average. Fuel stocks, including gasoline, moved in the opposite direction and declined for the period, while domestic production and gasoline demand both dipped week over week.

Despite the larger-than-expected crude build, oil prices held near their session highs following the report, suggesting traders weighed the softer production figures and falling fuel inventories alongside the headline crude number.