Commercial crude oil inventories in the U.S. rose by 6 million barrels in the week ending October 8, 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 0.7 million barrels.
Market reaction
The barrel of West Texas Intermediate (WTI) It was down from the daily highs after this report and was last seen trading at $ 80.90, where it was up 0.4% on the day.
Featured statements
“Total motor gasoline inventories decreased by 2.0 million barrels last week and are about 2% below the five-year average for this time of year.”
“US crude oil imports averaged 6.0 million barrels per day last week, down 1.0 million barrels per day from the previous week.”
“Total products supplied during the last four-week period averaged 20.7 million barrels per day, 12.5% more than in the same period last year.”
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