Key Insights
- Crude inventories grew by 1.4 million barrels from the previous week.
- Domestic oil production remained unchanged at 13.2 million bpd.
- Strategic Petroleum Reserve has also remained unchanged at 351.3 million barrels.
On October 25, EIA released Weekly Petroleum Status Report, which indicated that crude inventories increased by 1.4 million barrels from the previous week, compared to analyst consensus of +0.24 million.
Total motor gasoline inventories grew by 0.2 million barrels, while distillate fuel inventories declined by 1.7 million barrels. U.S. crude oil imports averaged 6.0 million bpd, rising by 71,000 bpd from the previous week.
Domestic oil production remained unchanged at 13.2 million bpd. Domestic oil production has stabilized near multi-month highs, which shows that current prices provide sufficient…
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