Commodities Buzz: EIA Says US Crude Inventories Rise By 9.9 Million Barrels

14 Oct 2022 , 12:34 PM

The US Energy Information Administration reported a crude oil inventory build of 9.9 million barrels for the week to October 7. At 439.1 million barrels, U.S. crude oil inventories are 1 percent below the five-year average for this time of the year. A week earlier, inventories recorded a draw of 1.4 million barrels. Gasoline stocks added 2 million barrels last week, which compared with a 4.7-million-barrel drop for the previous week. Production averaged 9.2 million barrels daily last week, which compared with 10 million bpd a week earlier. In distillate fuels, the EIA estimated an inventory draw of 4.9 million barrels for the week to October 7. This compared with a draw of 3.4 million barrels for the previous week. Distillate fuel production averaged 4.9 million barrels daily last week, which compared with 5.2 million bpd the previous week. Refineries processed an average of 15.7 million bpd last week, operating at a utilization rate of 89.9 percent.Powered by Commodity Insights