Crude oil reserves in the United States decreased by 8.6 million barrels to 415.6 million barrels in the week ending October 9, 2023. This information was released by the U.S. Energy Information Administration (EIA) and indicates a 3 percent increase compared to the five-year average for this time of year.
Oil Market Analysis
The decrease in crude oil reserves in the United States follows reports from the American Petroleum Institute (API), which previously announced a decrease of 11.12 million barrels in crude oil reserves. While crude oil futures in New York are declining, Brent oil prices have reached $105.72 per barrel, down $0.34 (equivalent to 0.32 percent) from yesterday, but up about $4 compared to the same time last week.
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Changes in Oil and Gasoline Demand
In contrast, West Texas Intermediate (WTI) crude oil prices rose by $1.92 (equivalent to 2.02 percent) to $97.01 per barrel on Thursday, indicating an increase of about $7 compared to last week. Additionally, according to the EIA report, gasoline reserves increased by 3.5 million barrels, reaching a daily production average of 9.2 million barrels after a 400,000 barrel increase the previous week.
Moreover, middle distillate reserves decreased by 2.5 million barrels, with production of these liquids reaching a daily average of 5.2 million barrels. Middle distillate reserves are now 12 percent lower than the five-year average. The total supply of petroleum products, which serves as a measure of oil demand in the United States, has averaged 21.1 million barrels per day over the past four weeks, a 2 percent increase compared to last year.
Gasoline demand over the past four weeks has averaged 8.7 million barrels per day, and the average supply of middle distillates during this period has reached 4.0 million barrels, indicating a 0.2 percent decrease compared to last year. These changes reflect fluctuations in the energy market and oil demand in the United States, which could have significant impacts on global oil prices.
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