U.S. crude oil inventories saw a decrease of 900,000 barrels in the week ending October 30, according to new data from the U.S. Energy Information Administration (EIA) released Wednesday. The decrease brings commercial stocks to 409.8 million barrels, according to government data, which is now 4% below the five-year average for this time of year.
Total commercial oil inventories decreased by 8.2 million barrels during the reporting period.
The release of the EIA data follows API figures released a day earlier, which showed crude oil inventories fell by 5.267 million barrels during the period.
Crude futures were trading lower at 10:09 a.m. in New York. Brent crude futures were trading lower at $100.71 per barrel, down $2.89 (-2.79%) on the day and down about $15 per barrel from the same period last week. WTI was also trading lower on the day, down $2.79 per barrel (-2.90%) on Wednesday morning to $93.30, down nearly $9 per barrel since the same time last week.
For total automotive gasoline, the EIA reported that inventories decreased by 200,000 barrels, after increasing by 3.9 million barrels the previous week. The most recent figures show that average daily gasoline production increased to 9.7 million barrels. For middle distillates, inventories fell by 3.6 million as production fell to an average of 5.2 million barrels per day. Distillate stocks are now 13% below the five-year average.
Total product supplied – a gauge of U.S. oil demand – jumped to a 4-week average of 21.2 million barrels per day over the past four weeks, up 4.2% from the same period last year. Gasoline demand has averaged 8.6 million barrels per day over the past four weeks, with the four-week average for distillate supplied at 4.2 million barrels, up 8.7% year-over-year.
By Julianne Geiger for Oilprice.com
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