US Oil Inventories Drop by 865,000 Barrels
Department of Energy data beat expectations with declines in gasoline and distillates as well
United States crude oil inventories fell by 865,000 barrels for the week ending October 30. The total volume reached 409.8 million barrels. This result surpassed analyst expectations which projected a decline of 200,000 barrels.
The fuel sector also reported numbers below expectations. Gasoline inventories dropped by 222,000 barrels to reach 209 million barrels. The initial forecast was for an increase of 200,000 barrels for this item.
Distillate inventories saw a decrease of 3.565 million barrels. The total reached 99.3 million barrels which exceeded the estimated drop of 1 million barrels. Refinery utilization rates rose to 94.5%.
The Cushing distribution hub recorded an increase of 280,000 barrels. Local stocks rose to 27.25 million barrels. Average daily production in the United States increased from 13.9 million to 14 million barrels.
The reduction in global energy stocks may pressure production costs and influence the volatility of risk assets in the international market.
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