Week ending: Week ending Sep 18, 2026 Released: 23rd Sept 2026
Notable this week
- Commercial Crude: +2.97 MMbbl w/w (prior 423.43 MMbbl)
- SPR: -405 kbbl w/w (prior 284.96 MMbbl)
- Cushing: +2.27 MMbbl w/w (prior 21.48 MMbbl) [notable]
- Gasoline: -1.69 MMbbl w/w (prior 207.73 MMbbl)
- Distillate: -428 kbbl w/w (prior 107.86 MMbbl)
Snapshot
The call
This is a bearish crude headline built from two things that don't last: the export drop and refineries heading into autumn maintenance. It isn't weak demand. Low exports plus lower runs is a standard way to get a crude build, and the export number is noisy week to week. The part that matters for trading is Cushing: +2.3 mb is a big build for that hub and works against front-month WTI calendar spreads. The product draws on lower runs are mildly supportive for cracks.
Canada imports fell 1.1 mb/d and Saudi imports fell 236 kb/d. With exports also down 1.55 mb/d, this crude build came from less oil moving in both directions, not from strong supply. That supports the view that the build won’t last.
To quote one of the guys in the discord ‘‘Oh man we’re gonna have a full blown products crisis aren’t we’’…….YES, YES WE ARE
Chart of the week
At the pump
Crude
Production
Product
Exports/Imports
Refinery & Demand
That’s the report!