US commercial crude inventories fell 8.6 million barrels in the week ending October 9, according to the EIA. WTI rose on the day while Brent slipped, and gasoline stockpiles increased.
U.S. crude oil inventories decreased by 8.6 million barrels during the week ending October 9, according to U.S. Energy Information Administration (EIA) data released on Thursday. The drop brings commercial stockpiles to 415.6 million barrels, 3% above the five-year average for this time of year.
The EIA figures follow API data released a day earlier. The API reported a fall of 11.12 million barrels for the same period.
WTI climbs while Brent slips
Prices moved in opposite directions on Thursday morning. Brent futures were trading at $105.72 per barrel, down $0.34 (-0.32%) on the day but up roughly $4 per barrel from the same time last week.
In contrast, WTI rose $1.92 per barrel (+2.02%) to $97.01, up about $7 per barrel since this time last week.
Gasoline stocks rise, distillates fall
For total motor gasoline, the EIA reported that inventories increased by 3.5 million barrels, after gaining 400,000 barrels in the week prior. Daily gasoline production averaged 9.2 million barrels.
Middle distillate inventories, however, decreased by 2.5 million barrels, with production falling to an average of 5.2 million barrels daily. Distillate inventories are now 12% below the five-year average.
Total products supplied, a proxy for U.S. oil demand, averaged 21.1 million barrels per day over the last four weeks, up 2% compared with the same period last year.
Source: Oilprice.com
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