US commercial crude stockpiles fell by 3.1 million barrels in the week ending October 16, to 412.5 million barrels, the EIA reported. The draw beat analyst expectations, while gasoline stocks fell and distillate stocks rose.
US crude oil inventories decreased by 3.1 million barrels in the week ending October 16, the US Energy Information Administration (EIA) said on Wednesday. Commercial stockpiles now stand at 412.5 million barrels, 3% below the five-year average for this time of year.
The decline exceeded forecasts. Analysts surveyed had projected a draw of 820,000 barrels, according to Investing.com.
Oil prices barely move after the data
The EIA release followed API's figures a day earlier, which reported that crude inventories had fallen by 4.93 million barrels in the period.
Prices stayed relatively flat. Brent futures traded at $108.87 per barrel, up $0.08 on the day. WTI, however, slipped $0.13 to $97.69 on Wednesday morning.
Gasoline falls, distillates rise
Gasoline inventories decreased by 3 million barrels, after gaining 3.5 million barrels the week before. Distillate stocks moved the other way, increasing by 1.7 million barrels, and are now 9% below the five-year average.
Crude stocks at the Cushing, Oklahoma delivery hub also grew by 987,000 barrels during the week.
Total products supplied, a proxy for US oil demand, averaged 21.1 million barrels per day over the last four weeks, up 3.2% from the same period last year. Distillate supplied, however, averaged 3.9 million barrels per day, down 2.4% year over year.
Sources: Oilprice.com, Investing.com
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