US Total Crude Oil Stocks Rise in Week Ended Oct. 3
US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 4 million barrels in the week ended Oct. 3 following an increase of 2.5 million barrels in the previous week.
Excluding inventories in the SPR, commercial crude oil stocks increased by 3.7 million barrels after a 1.8-million-barrel gain in the previous week, a much larger gain than the 350,000-barrel increase expected in a survey compiled by Bloomberg as of 7:50 am ET.
Stocks in the SPR increased by 300,000 barrels in the week after rising by 700,000 in the previous week.
Overall crude oil stocks were up 0.5% from the previous week and up 2.7% from a year earlier. Crude oil inventories are about 4% below the five-year average for this time of the year.
Gasoline stocks fell by 1.6 million barrels, a larger drop than the 1.4-million-barrel decrease expected. Gasoline stocks were down 0.7% from the previous week, but up 2% from a year earlier.
Distillate stocks declined by 2 million barrels in the current week, compared with an expected decrease of 734,000 barrels. Distillate stocks were down 1.6% from the previous week but were still 2.6% higher than in the same week a year ago.
Refineries operated at 92.4% of their capacity, up from 91.4% in the previous week.
Source : Mtnewswires.com
