US crude stocks and distillate inventories fall, gasoline inventories rise, EIA says
USO•U.S. crude inventories fell by 3.2 million barrels to 424.1 million in the week ended October 2, while gasoline stocks rose by 0.4 million barrels. Distillate inventories were little changed at 105.1 million barrels.
1. Inventory changes
Crude inventories fell by 3.2 million barrels to 424.1 million barrels, compared with analysts’ expectations for a 1.7 million-barrel increase. Stocks at the Cushing, Oklahoma, delivery hub rose by 444,000 barrels.
2. Fuel and refinery data
Gasoline inventories rose by 0.4 million barrels to 204.7 million, versus expectations for a 1.7 million-barrel draw. Distillate stockpiles, which include diesel and heating oil, were little changed at 105.1 million barrels, compared with expectations for a 2.1 million-barrel decline. Refinery crude runs rose by 223,000 barrels per day, and utilization increased 0.2 percentage points to 92.7%.
3. Oil futures
Oil futures pared some earlier gains after the inventory data. At 10:36 a.m. ET, Brent crude futures were up 91 cents at $101.49 a barrel, while U.S. West Texas Intermediate futures rose 13 cents to $89.57.
