Saudi Crude Exports Hit Five-Month High as Production Falls to Record Low
Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…
Crude oil inventories in the United States saw a decrease of 3.1 million barrels during the week ending October 16, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 412.5 million barrels, according to government data, which is now 3% below the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 4.93 million barrels in the period.
Crude futures were trading down at 10:26 a.m. in New York. Brent futures were trading relatively flat at $108.87 per barrel—up $0.08 (+0.07%) on the day and up roughly $3 per barrel from this same time last week. WTI was trading slightly down on the day, by $0.13 per barrel (-0.13%) on Wednesday morning at $97.69, up less than $1 per barrel since this time last week.
For total motor gasoline, the EIA reported that inventories decreased by 3 million barrels, after gaining 3.5 million barrels in the week prior. The most recent figures showed that average daily gasoline production averaged 9.8 million barrels. For middle distillates, inventories increased by 1.7 million with production increasing to an average of 5.2 million barrels daily. Distillate inventories are now 9% below the five-year average.
Total products supplied—a proxy for U.S. oil demand—averaged 21.1 million barrels per day over the last four weeks, up 3.2% compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day over the last four weeks, with the distillate four-week average supplied at 3.9 million barrels—down 2.4% year over year.
Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…
Record Shipping Costs Force Oil Producers to Slash Prices
Iran Faces Rising Threat From Within as Baluch Insurgency Escalates
Chevron Moves to Take Over Russia's Most Prized Iraqi Oil Field
America Needs 48,000 Tons of Rare Earth Magnets. It Only Makes 300
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Merchant of Record: A Media Solutions trading as Oilprice.com