Crude oil inventory in the United States decreased by 3.1 million barrels to reach 412.5 million barrels in the week ending October 16. According to new data from the U.S. Energy Information Administration (EIA), this inventory reduction is now 3 percent below the five-year average for this time of year.
Details of Crude Oil Inventory Reduction and Analysis
This inventory reduction occurred while data from the American Petroleum Institute (API) the day before indicated a decrease of 4.93 million barrels in crude oil inventory for the same period. Currently, Brent crude oil prices in global markets have reached $108.87 per barrel, reflecting an increase of $0.08 (equivalent to 0.07 percent) compared to the previous day. Additionally, West Texas Intermediate (WTI) prices have slightly decreased by $0.13 to $97.69 per barrel.
Analysis of Gasoline and Diesel Demand and Production
This report indicates that gasoline inventory has decreased by 3 million barrels, while in the previous week, this inventory had increased by 3.5 million barrels. Gasoline production during this period averaged 9.8 million barrels per day. Meanwhile, the middle distillate inventory increased by 1.7 million barrels, and production of these products reached 5.2 million barrels per day. Distillate inventory is now 9 percent below the five-year average.
Overall, supplied products as a measure of oil demand in the United States have averaged 21.1 million barrels per day over the past four weeks, indicating a 3.2 percent increase compared to last year. Gasoline demand during these four weeks reached 8.7 million barrels per day, while the average supply of distillates was 3.9 million barrels per day, reflecting a 2.4 percent decrease compared to last year.
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