EIA: Crude Inventories Fell Significantly in Past Week

The US Energy Information Administration said on Wednesday that crude oil inventories in the United States fell significantly in the past week, while gasoline inventories rose and distillate stocks decreased.

Crude stocks fell by 8 million barrels in the week to October 30, compared to analysts’ expectations in a Reuters poll for an increase of 890,000 barrels.

The Energy Information Administration said crude stocks at the delivery center in Cushing, Oklahoma, increased by 936,000 barrels.

The administration said that the consumption of crude oil in refineries increased by 164 thousand barrels per day. Refinery operating rates rose 0.7 percentage points.

The administration said that gasoline stocks rose 1.5 million barrels, compared with analysts’ expectations in a Reuters poll for a decrease of 871 thousand barrels.

Data from the Energy Information Administration showed that distillate stocks, which include diesel and heating oil, fell 1.6 million barrels, against expectations for a decrease of 2 million barrels.

Net US crude imports rose 560,000 barrels per day.