On September 18, the U.S. Energy Information Administration (EIA) released its weekly petroleum report. The report showed that crude oil inventories fell by 1.6 million barrels, less than the 100,000 barrel drop expected by analysts, and the current inventory level is about 4% below the five-year average.

Total gasoline inventories increased by 100,000 barrels from the previous week, while analysts expected an increase of 610,000 barrels. Diesel fuel inventories also increased by 100,000 barrels. Crude oil imports decreased by 545,000 barrels/day from the previous week, averaging 6.3 million barrels/day. Over the past four weeks, crude oil imports averaged 6.4 million barrels/day.

Strategic petroleum reserves increased from 380 million barrels to 380.6 million barrels, and the United States continued to purchase oil for strategic reserves. Domestic crude oil production fell from 13.3 million barrels/day to 13.2 million barrels/day, however, it is expected to increase in the short term as production resumes after the hurricane.

West Texas Intermediate (WTI) crude oil prices approached $71.00 as traders reacted to the EIA report. The drop in crude inventories could provide additional support to the market, which is currently focusing on rising tensions in the Middle East.