EIA Reports Unexpected Draw of 5.2 Million Barrels in Crude Oil Inventories

The Energy Information Administration (EIA) released its weekly inventory figures today. The report showed an unexpected draw of 5.2 million barrels during the week ending October 14. Analyst on average were looking for a build of 2.42 million barrels, according to a Thomson Reuters survey. The total stockpile is at 468.7 million barrels.

On Tuesday, the American Petroleum Institute reported an unexpected draw of 3.8 million barrels.

U.S crude oil imports averaged about 6.9 million barrels per day last week, down by 954k barrels from the week before.

Crude oil refinery inputs averaged 182,000 less barrels per day than the prior week’s average, bringing the average inputs to 15.4 million barrels per day.

Gasoline production decreased for the week, averaging 9.5 million barrels per day. Distillate production (fuel and diesel oils) rose, averaging 4.6 million barrels per day. The total motor gasoline inventories climbed by 2.5 million barrels last week. Inventories for both finished gasoline small blending components increased. Distillate fuel inventories declined 1.2 million barrels while propane/propylene fell 1.2 million barrels. The total for commercial petroleum inventories decreased by 3.6 million barrels from the week before.

In response to today’s report, crude oil spike about 50 cents in the minutes following, currently higher by about 2% at the time of this writing. The November contract is trading at $51.43.

eia

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Paul Rosenberg

Paul is a market analyst for EconomicCalendar.com with over 7 years of experience trading forex and 20 in the financial industry. He provides actionable analysis combining both the fundamental and technical aspects of an asset. Paul specializes in indices, commodities and forex. He received his Bachelor’s degree in economics and government at Hobart College.

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