EIA Reports 1.9 Million Barrel Decrease in U.S. Crude Oil Inventories
The U.S. Energy Information Administration (EIA) reported that commercial crude oil inventories fell by 1.9 million barrels for the week ending October 23. This drawdown is less significant than the previous week's decline of 3.1 million barrels but still exceeded market expectations, which had forecasted a slight increase of 0.1 million barrels. While crude stocks saw a reduction, gasoline inventories experienced a notable increase of 3.9 million barrels. Total commercial crude stocks, excluding those held in the Strategic Petroleum Reserve, currently stand at 410.6 million barrels.
Topics: crude oil EIA data gasoline inventory