West Texas Intermediate crude oil futures fell 3.2% to settle at $102.43 per barrel on September 16. This decline followed a report from the American Petroleum Institute showing an unexpected increase in US crude stockpiles by 7.1 million barrels for the week ending September 11, contrary to analyst expectations of a drawdown.
Prior to this drop, WTI prices had risen by more than $3 due to supply concerns following a Houthi attack on a Saudi Arabian pipeline. On September 16, Brent crude traded between $107 and $108 per barrel. WTI futures had previously fluctuated between $102 and $105, with the new inventory data pushing prices toward the lower end of that range.
Market data for 2026 indicates that WTI prices are approximately 60% higher year-over-year. For comparison, the average price of WTI was around $78 per barrel in 2024. Investors are now awaiting the official government inventory report from the Energy Information Administration to determine if the current downward pressure on prices will persist toward the $100 level.
