U.S. Crude Oil Inventories Fall More Than Expected
Commercial crude stockpiles fell to 410.6 million barrels, or 4% below the five-year average, while gasoline inventories rose 3.9 million barrels, EIA said.
- On Wednesday, the U.S. Energy Information Administration reported that national crude oil inventories fell by 1.9 million barrels during the week ending October 23, bringing stockpiles to 410.6 million barrels.
- Commercial stockpiles are now 4% below the five-year average for this time of year, as inventories at the Cushing, Oklahoma, hub fell by 624,000 barrels and Midwest stockpiles reached record lows.
- Gasoline stocks rose by 3.9 million barrels to 209.2 million barrels, while distillate inventories fell by 1.5 million barrels, remaining 10% below the five-year average.
- Crude futures rose following the report, though Kpler lead oil analyst Matt Smith stated the EIA "appears to have significantly overestimated crude exports" by about 1 million barrels per day.
- Strategic Petroleum Reserve draws have slowed dramatically, prompting David Russell, Global Head of Market Strategy at TradeStation, to warn the U.S. is "running out of cushion" amid tight distillate supplies.
12 Articles
12 Articles
US crude and distillate inventories fall, gasoline stocks rise, EIA says
Oil stocks fell to 1,892 million barrels, to 410,625 million barrels, in the week closed last Friday (23), reported the Department of Energy (DoE) of the United States on Wednesday (28). The result came far below the average estimate of a group of analysts, which was a drop of 100 thousand. Already the gasoline stocks rose to 3,870 million barrels last week, to 209,180 million barrels, in anticipation of a drop of 700,000. Distillates stocks fel…
In the United States, the country ' s Energy Information Authority (EIA) reported a decrease of 1.892 million barrels in commercial oil reserves during the week ending 23 October.
US Oil Inventories Fall Again As Prices Rise
Crude oil inventories in the United States saw a decrease of 1.9 million barrels during the week ending October 23, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 410.6 million barrels, according to government data, which is now 4% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day…
Given the week ended October 23, came above market expectations, while gasoline stocks advanced and the utilization rate of refineries declined. The post U.S. oil stocks fall 1.892 million barrels, DoE reports appeared first in Rural Channel.
Coverage Details
Bias Distribution
- 60% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
