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Live Updates  >  Live Update Details

2026-09-16 10:24:08

[Unexpected Rise in US Crude Oil Inventories Pressures Prices, Saudi Supply Concerns Temporarily Overshadowed] 1. International oil prices edged lower on Wednesday due to an unexpected increase in US crude oil inventories, while investors assessed the supply risks posed by the suspension of loading at Saudi Arabia's Yanbu port. Brent crude futures fell 0.35% to $108.10 per barrel; WTI crude futures fell 1% to $104.80 per barrel. 2. In the previous trading session, both benchmark oil prices rose by more than $3, reaching their highest levels since May 19, mainly driven by supply concerns stemming from the suspension of loading at Yanbu port and the impact of Saudi Arabia's reduction in crude oil exports to Europe. 3. Data from the American Petroleum Institute showed that US crude oil, gasoline, and distillate fuel inventories all increased in the week ending September 11, with crude oil inventories rising by 7.1 million barrels. A survey indicated that analysts had previously expected inventories to decrease by approximately 1.6 million barrels. Haitong Futures noted in a report that the unexpected rise in gasoline and diesel inventories put pressure on oil prices, but regional inventory accumulation did not change the tight fundamentals of the global crude oil market. 4. Oil trading and shipping sources said on Tuesday that Saudi Aramco has notified European customers that some crude oil shipments scheduled for September loading will be cancelled, and crude oil loading operations at Yanbu port on the Red Sea have also been suspended. The US Energy Secretary stated that crude oil transport through Saudi Arabia's east-west pipeline should resume within days. However, sources interviewed gave differing estimates of the pipeline's downtime; one said repairs could take five to six weeks, while another indicated that the pipeline might resume partial transport sooner as repairs progress.

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