Energy Preview: US Crude Oil Inventories Fall, Oil Production Slips As Well

Energy Preview: US Crude Oil Inventories Fall, Oil Production Slips As Well

Oct 21, 2021 09:10 IST capital market

The commercial crude oil inventories in the US decreased by 0.4 million barrels in the week ending October 15, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. The US crude inventories are about 6% below the five-year average, the EIA said. Oil stored at Cushing, the delivery point for U.S. stocks, fell by 2.3 million barrels from the previous week, to 31.2 million barrels, the EIA said in its weekly report. The US crude-oil production fell by 100,000 barrels a day last week to 11.3 million barrels a day, according to EIA. Gasoline stockpiles dropped by 5.4 million barrels to 217.7 million barrels. Distillate stocks, which include heating oil and diesel fuel, fell by 3.9 million barrels to 125.4 million barrels. The refining capacity utilization rate dropped by a larger-than-expected 2 percentage points from the previous week to 84.7%.

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