WTI crude oil futures slipped near one week low of $62.30 per barrel, giving up gains after it neared $65 per barrel mark earlier in the week. The counter had gained after a potential supply disruption from Russia following Ukrainian drone attacks on its energy infrastructure and mounting US pressure on buyers of Russian crude. However, crude eased amid oversupply risks and soft fuel demand in the US, the world’s biggest oil consumer. A large draw in the US crude inventories and an interest rate cut by the Federal Reserve (Fed) could limit downside for the commodity.
Energy Information Administration or EIA stated in a latest weekly update that the US crude oil refinery inputs averaged 16.4 million barrels per day during the week ending September 12, 2025, which was 394 thousand barrels per day less than the previous week’s average. Refineries operated at 93.3% of their operable capacity last week. US crude oil imports averaged 5.7 million barrels per day last week, decreased by 579 thousand barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 2.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 569 thousand barrels per day, and distillate fuel imports averaged 95 thousand barrels per day. US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 9.3 million barrels from the previous week. At 415.4 million barrels, US crude oil inventories are about 5% below the five-year average for this time of year.