U.S. Crude Inventories Fall 3.06 Million Barrels, Far Exceeding Market Forecast
Summary
- Last week's U.S. crude inventories fell by 3.06 million barrels, far exceeding the market forecast for a decline of 324,000 barrels.
- U.S. crude inventories stood at 412.5 million barrels, about 3% below the typical inventory level.
- Total petroleum inventories fell by 8.5 million barrels, raising the possibility that tighter U.S. crude supply conditions could put upward pressure on global oil prices.
Forecast Trend Report by Period
U.S. weekly crude inventories fell by far more than the market expected. Gasoline stockpiles also declined, while distillate inventories increased.
Walter Bloomberg reported on October 21 that crude inventories fell by 3.06 million barrels last week from a week earlier. That was roughly nine times larger than the market forecast for a decline of 324,000 barrels.
U.S. crude inventories stood at 412.5 million barrels. That is about 3% below the typical inventory level.
Over the same period, gasoline inventories fell by 3 million barrels, while distillate stockpiles, including diesel and heating oil, rose by 1.7 million barrels.
Total petroleum inventories, including crude and refined products, fell by 8.5 million barrels. The larger-than-expected draw points to tighter crude supply conditions in the U.S. and could add upward pressure to global oil prices.
JH Kim
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