U.S. Crude Oil Inventories Drop by 0.515M Barrels Against Expected 2.300M Increase, Gasoline Stocks Hit 2-Year Low

Oct 30, 2024, 02:31 PM

U.S. crude oil inventories experienced a notable decline last week, with the Energy Information Administration (EIA) reporting a decrease of 0.515 million barrels, contrary to the forecasted increase of 1.805 million barrels. This drop in crude stocks was accompanied by significant reductions in gasoline and distillate inventories, which fell by 2.707 million barrels and 0.977 million barrels, respectively. Additionally, Cushing crude oil inventories rose by 0.681 million barrels. The Strategic Petroleum Reserve (SPR) saw an increase of 1.2 million barrels. These inventory changes come amid a broader trend of declining petroleum inventories, which fell by a total of 8.304 million barrels last week. The data also indicated that U.S. gasoline stocks have hit their lowest level since November 2022. The unexpected draws in crude and gasoline inventories have contributed to a bullish sentiment in the oil market. The expected crude oil inventory change was 2.300 million barrels, and the previous week's change was 5.474 million barrels. U.S. implied oil demand was at its highest level since September 2023.