WTI drops 3.2% to $102.43 after U.S. inventory data ease supply fears

  • WTI fell 3.2% to $102.43 on September 16 after an API-reported 7.1 million-barrel U.S. crude-stock build reversed a prior rally tied to Saudi pipeline disruption.
  • The later EIA report showed crude inventories instead fell 640,000 barrels to 423.4 million barrels, while gasoline stocks rose 800,000 barrels in the week ended September 11.
  • Saudi alternative exports through Oman eased immediate supply risks, but Yanbu outages, Strait of Hormuz tensions, refinery maintenance and fuel-market disruptions remained unresolved.

Oil markets reversed sharply as traders weighed conflicting U.S. inventory data against disruptions to Saudi Arabia’s East-West pipeline and Yanbu loadings. WTI fell 3.2% to settle at $102.43 a barrel on September 16 after the American Petroleum Institute reported a 7.1 million-barrel crude-stock build, although subsequent Energy Information Administration data showed inventories fell 640,000 barrels to 423.4 million barrels in the week ended September 11. Brent traded between $107 and $108 after previously reaching about $108.75, while gasoline futures remained near $3.45 a gallon. Saudi Arabia offered additional cargoes through Oman and increased alternative shipments, easing immediate supply concerns, but refinery maintenance, diesel shortages, disrupted Russian and Middle Eastern fuel supplies and uncertainty around the Strait of Hormuz continued to support refined-product prices.

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