On Aug. 10, the US EIA reported that commercial crude inventories grew by 5.457MM bbl over the week ending Aug. 5 to an eight-month high as the US Strategic Petroleum Reserve saw a week-on-week release of 5.297MM bbl. In addition, the EIA data showed a 723K-bbl rise in stocks held at the NYMEX WTI delivery point of Cushing (Oklahoma), bringing stocks at the pipeline hub to a 12-week high and placing utilization of Cushing storage capacity at 29% (excluding crude in transit). The EIA reported that domestic crude production increased from the previous week by 100K b/d to 12.2MM b/d as of Aug. 5-a high not seen since mid-April 2020. Production in the lower-48 states was up on the week by 100K b/d to an over-15-month high of 11.8MM b/d, while output in Alaska inched down by 3K b/d to a two-week low of 433K b/d.
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