On Wednesday, Sept. 15, EIA crude oil stocks plunged 6.422 million barrels in the week of Sept. 10, nearly double the expected drop of 3.574 million barrels and more than quadruple the previous drop of 1.528 million barrels, according to the official statistics of EIA.

This reduced the total amount of EIA crude oil reserves to a two-year low.

At the same time, crude oil inventories in Cushing, the main delivery place of US crude oil futures, fell by 1.103 million barrels last week, compared with an increase of 1.918 million barrels. Gasoline inventories fell by 1.857 million barrels, but less than the expected decline of 2.9 million barrels and the previous decline of 7.215 million barrels. Stocks of refined oil, including diesel and heating oil, fell by 1.689 million barrels and are expected to decrease by 1.95 million barrels, compared with a previous value of 3.141 million barrels.

Us Oil WTI monthly futures expanded on the news, rising more than 3% on the day and breaking through the integer figure of 73 US dollars. International Brent oil prices also rose more than 3% and broke through the round figure of $76, after hitting $75 a barrel for the first time since Aug. 2 before the release of EIA oil reserves.

The analysis pointed out that international oil prices have risen steadily since the end of August, and oil prices have been further boosted after Hurricane Ida shut down some oil production along the Gulf Coast of the United States. At present, about 40% of production capacity has not yet been restored.

Given the decline in US inventories, the International Energy Agency (IEA) said this week that more supply would not be available on the global market until October, when the OPEC+ alliance of oil-producing countries would increase production. Tight supply raises the risk of major oil consumers intervening in the market.

(constantly updating)