Weekly Crude Oil Review: WTI futures see robust gains as $90 per barrel mark holds

WTI crude oil futures held above $90 per barrel as US-Iran war stayed in focus. The US retail fuel prices surged ahead of Labor Day weekend, with diesel hitting a record $5.85 a gallon as demand is expected to be robust over the holiday weekend. The commodity is consolidating around six-week highs and spiked around 9% for the week. Meanwhile, Energy Information Administration or EIA stated in a lates update yesterday that for the week ending August 28, 2026, US refineries processed 17.5 million barrels per day (b/d) - up 102,000 b/d from the previous week at 98% capacity utilization. Gasoline output averaged 9.8 million b/d, and distillate production decreased to 5.1 million b/d. Crude oil imports increased 612,000 b/d to 6.8 million b/d, and the four- week average of 6.7 million b/d is 2% above the year-ago level. EIA noted that commercial crude oil inventories (excluding the Strategic Petroleum Reserve) decreased 4.5 million barrels to 424.5 million barrels, 1% above the five-year average. Gasoline inventories decreased 1.2 million barrels, 6% below the five-year average. Distillate inventories increased 0.8 million barrels, 14% below the five-year average. Propane/propylene inventories decreased 2.1 million barrels, 25% above the five-year average.

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