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EIA Reports Crude Oil Inventory Draw of 3.8 Million Barrels, Beat Estimates

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   |    Thursday,October 15,2020

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.8 million barrels from the previous week.

• EIA Petroleum Inventories: Crude -3.8M barrels vs. -2.8M consensus, +0.5M last week.

• EIA Gasoline -1.6M barrels vs. -1.6M consensus, -1.4M last week.

U.S. crude oil imports averaged 5.3 million barrels per day last week, down by 447,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.3 million barrels per day, 15.4% less than the same four-week period last year.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.8 million barrels from the previous week. At 489.1 million barrels, U.S. crude oil inventories are about 11% above the five year average for this time of year. Total motor gasoline inventories decreased by 1.6 million barrels last week and are about 1% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 7.2 million barrels last week and are about 19% above the five year average for this time of year. Propane/propylene inventories decreased by 1.9 million barrels last week and are about 11% above the five year average for this time of year. Total commercial petroleum inventories decreased by 16.8 million barrels last week.