US commercial crude inventories excluding the Strategic Petroleum Reserve fell by 391,000 barrels to 424.1 million barrels in the week ended September 4, 2026, according to the U.S. Energy Information Administration. The decline was smaller than the 1.4 million-barrel draw expected in a Wall Street Journal survey of analysts; an earlier market estimate cited in the existing account was 1.6 million barrels. Inventories were in line with the five-year average for the time of year. The latest data also showed record production and refinery operations near full capacity. Cushing crude stocks fell by 684,000 barrels, refinery crude runs increased by 90,000 barrels per day, gasoline inventories rose by 1.269 million barrels and distillate stocks increased by 2.087 million barrels. Net U.S. crude imports rose by 1.12 million barrels per day. Commercial crude inventories had previously declined for 21 consecutive weeks, while the SPR released another 1.2 million barrels, leaving total holdings at 285.4 million barrels.