The U.S. Energy Information Administration reported a decrease of 8.6 million barrels in crude oil inventories during the week ending October 9. This brought commercial stockpiles to 415.6 million barrels, positioning inventory levels at 3% above the five-year average for the corresponding period of the year.
The EIA’s figures followed data released by the American Petroleum Institute one day earlier, which had indicated a larger decline of 11.12 million barrels for the same timeframe. Crude oil futures reacted to the supply data, with Brent crude trading at $105.72 per barrel, down slightly from earlier in the day but up approximately $4 per barrel compared to the same point the previous week. West Texas Intermediate crude gained $1.92 per barrel, reaching $97.01, representing a gain of roughly $7 per barrel on a week-over-week basis.
Motor gasoline inventories increased by 3.5 million barrels following a gain of 400,000 barrels in the preceding week, with production averaging 9.2 million barrels daily. Middle distillate inventories declined by 2.5 million barrels as production fell to an average of 5.2 million barrels per day. Distillate stockpiles are currently 12% below their five-year average.
Total products supplied, a measure used to gauge U.S. oil demand, averaged 21.1 million barrels per day over the preceding four weeks, representing a 2% increase relative to the corresponding period one year prior. Gasoline demand averaged 8.7 million barrels per day over the four-week period, while distillate supply averaged 4.0 million barrels daily, a decline of 0.2% compared to the year-over-year figure.
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