U.S. Crude Inventories Fall 3.2 Million Barrels as Brent Holds Above $100, EIA Data Show
U.S. commercial crude stockpiles fell by 3.2 million barrels in the week ending Oct. 2 to 424.1 million barrels, the Energy Information Administration said Oct. 7, while Brent futures traded above $100 a barrel in New York.
U.S. commercial crude oil inventories fell by 3.2 million barrels in the week ending Oct. 2, the U.S. Energy Information Administration said on Wednesday, bringing stockpiles to 424.1 million barrels, according to OilPrice.com’s summary of the government data.
The EIA figure left commercial inventories 1% above the five-year average for this time of year, OilPrice.com reported. The release followed American Petroleum Institute figures a day earlier that reported a decline of 2.09 million barrels.
Prices and product inventories
Crude futures were trading higher Wednesday morning in New York. Brent futures were at $101.79 a barrel, up $1.21, or 1.20%, at 10:24 a.m., though down roughly $1.50 from the same time last week, according to OilPrice.com. West Texas Intermediate was at $89.92, up $0.48, or 0.54%, and down about $0.80 from a week earlier.
Gasoline inventories increased by 400,000 barrels after falling 1.7 million barrels the prior week, while average daily gasoline production was 9.3 million barrels, OilPrice.com reported from the EIA data. Middle distillate inventories were essentially unchanged, with production averaging 5.3 million barrels daily, and distillate stocks stood 12% below the five-year average.
Demand picture
Total products supplied, used as a proxy for U.S. oil demand, averaged 21.1 million barrels per day over the last four weeks, up 0.7% from the same period last year, according to OilPrice.com. Gasoline demand averaged 8.8 million barrels per day over four weeks, while distillate supplied averaged 3.8 million barrels per day, down 1.6% year over year.
Reporting based on coverage by OilPrice.com summarizing U.S. Energy Information Administration data.
