Full Breakdown
U.S. Crude Inventories Drop 3.2 Million Barrels in Week Ending Oct 2
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Core Inventory Change
The U.S. Energy Information Administration (EIA) reported that commercial crude oil inventories fell by 3.2 million barrels for the week ending October 2, bringing total stockpiles to 424.1 million barrels. This level sits about 1 % above the five-year average for this time of year.
Comparison with Industry Data
The American Petroleum Institute (API) released figures a day earlier that showed a 2.09 million-barrel decline in crude inventories for the same period. While both agencies indicate a drawdown, the EIA’s estimate is larger.
Fuel Production and Demand Trends
- Motor gasoline: Inventories rose by 400,000 barrels after a 1.7 million-barrel loss the prior week. Average daily gasoline production was 9.3 million barrels.
- Middle distillates: Stock levels were essentially unchanged, with production averaging 5.3 million barrels per day; inventories remain 12 % below the five-year average.
- Overall product supply: The proxy for U.S. oil demand averaged 21.1 million barrels per day over the past four weeks, a 0.7 % increase year-over-year. Gasoline demand averaged 8.8 million barrels per day, while distillate supply averaged 3.8 million barrels per day, down 1.6 % from the same period last year.
Market Reaction
At 10:24 a.m. Eastern time, Brent crude futures were quoted at $101.79 per barrel, up $1.21 (1.20 %) on the day but down roughly $1.50 from the same time the previous week. West Texas Intermediate (WTI) traded at $89.92 per barrel, gaining $0.48 (0.54 %) on the day while also down about $0.80 from the prior week’s level.