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Oil Inventories Rise As Gasoline, Diesel Inventories Fall

Crude oil inventories in the United States rose by 1.347 million barrels for week ending October 27, according to The American Petroleum Institute (API), after a 2.668-million-barrel dip in crude inventories in the week prior, API data showed.

Analysts were expecting a build of 1.601 million barrels for the week. API data shows a net draw in crude oil inventories in the United States of 1.33 million barrels so far this year.

On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) stayed the same for the fourth week in a row, with the SPR inventory still sitting at a near 40-year low of 351.3 million barrels, with total purchases for the SPR coming in at less than 4 million barrels since the Biden Administration began its buyback program.

Oil prices were trading down ahead of API data release, with Brent trading down 0.05% at $87.41 at 3:05 p.m. ET—a roughly $0.70 decrease week over week. The U.S. benchmark WTI was trading down on the day 1.41%, at $81.15. WTI is down nearly $2.60 per barrel from this same time last week.

Gasoline inventories fell this week by 357,000 barrels, on top of the 14.169 million barrel decrease in the week prior. Gasoline inventories are just above the five-year average for this time of year, last week’s EIA data shows. Distillate inventories also fell this week, by 2.484 million barrels, on top of the 2.313-million-barrel draw in the week prior, and are now about 12% below the five-year average for this time of year.

Cushing inventories rose this week by 375,000 barrels, after increasing by 513,000 barrels last week, leaving an estimated 21.5 million barrels in stock.

By Julianne Geiger for Oilprice.com


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  • George Doolittle on October 31 2023 said:
    API data last week wasn't even remotely close to being correct to the EIA Government report which showed a massive build. I think builds are tpyical for this time of Year going into Winter Blend as well/too but also I don't think people understand how bearish War is for energy demand as well not just here in the USA but globally. With the *"Arab Street"* erupting in near unison across near 1/3 of the population of the entire Planet and hard not to be incredibly bearish for oil especially nominally going in Year end 2023. Material selloff in Tesla could result in a very material flood of pure BEV to hit the US auto market already beset by an absolutely stunning glut of product being sold at a remarkably high asp as well ($40,000 US Dollars.) Some indeed most of these vehicles are surprisingly fuel efficient as well with some power trains such as the 2nd Model Year Toyota Prius despite being a hybrid in effect not even needing fuel it's pure battery efficiency being that good. As far as pricing power steel has held up very well though....so far. Copper on the other hand has not #irony very bearish for oil if that holds true.

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