Commercial crude oil inventories in the U.S. rose by 4.3 million barrels in the week ending October 22, the weekly report released by the US Energy Information Administration (EIA). This reading was much higher than the market expectation for an inventory build of 1.9 million barrels.
Market reaction
Crude oil prices are lagging behind after this report. At time of writing, a barrel of West Texas Intermediate (WTI) is trading $ 83.50, down 1.1% on the day.
Additional statements
“Total motor gasoline inventories decreased by 2.0 million barrels last week and are about 3% below the five-year average for this time of year.”
“Inputs from US crude oil refineries averaged 15.0 million barrels per day for the week ending October 22, 2021.”
“US crude oil imports averaged 6.3 million barrels per day last week, 430,000 barrels per day more than the previous week.”
“Total products supplied during the last four-week period averaged 20.8 million barrels per day, 9.9% more than in the same period last year.”
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