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US commercial crude oil inventories posted an unexpected build in the week to 5 September 2025, even as refineries continued to operate at elevated rates, data from the Energy Information Administration (EIA) revealed.

Crude inventories rose by 3.9 million barrels to 424.6 million, confounding market expectations of a 1-million-barrel draw in a Reuters survey and exceeding the 0.6-million-barrel increase projected by the American Petroleum Institute. Despite the build, stocks remain around 3% below the five-year seasonal average.

The increase was underpinned by a 668,000 barrels per day (bpd) rise in net crude imports from the prior week, alongside slightly lower refinery throughput. Domestic crude production also inched higher, rising 72,000 bpd to 13.495 million bpd.

Refinery inputs slipped by 51,000 bpd, though utilisation rates held at a robust 94.9%. Elevated runs contributed to a 1.5 million-barrel build in motor gasoline stocks, suggesting softening demand with the peak summer driving season drawing to a close.

Distillate inventories registered a 4.7 million-barrel increase, though levels remain 9% below the five-year norm. Propane and propylene inventories climbed by 1.5 million barrels, extending their surplus to 12% above the five-year benchmark.

Written: Aiman Haikal