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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
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.