Crude Inventory: Oil Maintains Gains Despite Increase
Crude oil prices rose today after the Energy Information Administration reported a 2.6 million barrel rise in crude inventory on October 21.
This compares to a draw of 1.7 million barrels the previous week, accompanied by modest fuel stockpiles changes.
Last week, the EIA reported a 1.5 million barrel drop in gasoline stockpiles and a 200,000 barrel gain in middle distillate inventories. This compares to a 100,000-barrel decline in gasoline stockpiles the previous week and a similar growth in distillate inventories.
During the week ending October 21, gasoline production averaged 9.4 million barrels per day, nearly unchanged from the previous week. Last week, middle distillate output averaged 5 million barrels per day, a slight decrease from the last week.
The supply situation for distillates has remained tight in both the United States and Europe as demand continues to outstrip supply, with little likelihood of altering due to an apparent lack of refining capacity.
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