U.S. Crude Production Sets Record as WTI Dips on Inventory Builds

U.S. crude production reached a record as West Texas Intermediate (WTI) crude dipped after inventory data showed rising crude and fuel stocks, while distillate inventories remained at a seasonal record low.

Commercial crude inventories rose by 4.65 million barrels, the largest increase since August, including a 106,000-barrel gain at Cushing, Oklahoma.

Gasoline inventories increased by 1.799 million barrels, while distillate stocks rose by 4.071 million barrels, the largest distillate build since July. Total distillate stocks nevertheless remained at a record low for this time of year.

The Trump administration drew 2.65 million barrels from the Strategic Petroleum Reserve last week. Pump prices continued to slide below $4 per gallon, though they remained at a record high for this time of year.

Oil prices had risen earlier after President Donald Trump wrote on social media, “We don't need a deal with Iran.”