U.S. Crude Oil Inventories Unexpectedly Decline
By Dan Molinski
U.S. crude-oil inventories surprisingly fell last week, while
gasoline and diesel fuels also declined, according to data released
Wednesday by the Energy Information Administration.
Benchmark U.S. oil prices that were slightly lower before the
mostly bullish report erased those declines afterward. The Nymex
front-month crude contract for November delivery was recently 0.3%
higher at $83.21 a barrel.
Crude-oil stockpiles fell by 431,000 barrels to 426.5 million
barrels, and remain about 6% below the five-year average, the EIA
said. Analysts surveyed by The Wall Street Journal had predicted
crude stockpiles would rise by 700,000 barrels from the prior
Oil stored at Cushing, the delivery point for U.S. stocks, fell
by 2.3 million barrels from the previous week, to 31.2 million
barrels, the EIA said in its weekly report.
U.S. crude-oil production fell by 100,000 barrels a day last
week to 11.3 million barrels a day, according to EIA.
Gasoline stockpiles dropped by 5.4 million barrels to 217.7
million barrels, compared with analysts' expectations for
inventories to decrease by 1.1 million barrels from the previous
Distillate stocks, which include heating oil and diesel fuel,
fell by 3.9 million barrels to 125.4 million barrels, and are now
about 10% below the five-year average, the EIA said. Analysts were
forecasting a 900,000-barrel decline from the previous week.
The refining capacity utilization rate dropped by a
larger-than-expected 2 percentage points from the previous week to
84.7%, compared with analysts' forecasts for just a 0.2 percentage
U.S. oil inventories for the week ended Oct. 15:
Crude Gasoline Distillates Refinery Use
EIA data: -0.4 -5.4 -3.9 -2.0
Forecast: +0.7 -1.1 -0.9 -0.2
Note: Numbers in millions of barrels, with the exception of
refinery use, which is in percentage points.
Write to Dan Molinski at firstname.lastname@example.org
(END) Dow Jones Newswires
October 20, 2021 11:06 ET (15:06 GMT)
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