Commodities Buzz: EIA Says US Crude Inventories Rise By 3.1 Million Barrels

3 Nov 2022 , 12:48 PM

The US Energy Information Administration (EIA) reported an inventory draw of 3.1 million barrels for the week to October 28. At 436.8 million barrels, inventories were some 3 percent below the five-year average for this time of the year, the EIA also said. A week earlier, it had estimated an inventory build of 2.6 million barrels. Gasoline stocks down by 1.3 million barrels in the last week of October, with production at 9.5 million bpd. This compared with an inventory draw of 1.5 million barrels for the previous week and a production rate of 9.4 million barrels daily. In middle distillates, the EIA estimated a modest inventory increase of 400,000 barrels for last week, with production averaging 5.1 million barrels daily. This compared with another minor build of 200,000 barrels for the previous week, with production averaging 5 million barrels daily.Powered by Commodity Insights