Commercial crude oil inventories in the U.S. declined by 0.4 million barrels in the week ending October 15, the weekly report released by the US Energy Information Administration (EIA). This reading was much lower than the market expectation for an inventory build of 1.8 million barrels.
Market reaction
Crude oil prices started to rise after this report. A barrel of West Texas Intermediate, which hit a daily low of $ 80.77 earlier in the session, was last seen trading at $ 82.45, down 0.7% on the day.
Additional conclusions
“Total motor gasoline inventories decreased by 5.4 million barrels last week and are about 3% below the five-year average for this time of year.”
“Inputs from US crude refineries averaged 15.0 million barrels per day for the week ending October 15, 2021.”
“US crude oil imports averaged 5.8 million barrels per day last week, 169,000 barrels per day less than the previous week.”
“Total products supplied during the last four-week period averaged 20.9 million barrels per day, 14% more than in the same period last year.”
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