RTTN: U.S. Crude Inventories Soar As Imports Up Last Week - EIA
(RTTNews) - Crude oil inventories in the U.S. moved up during the week ended October 22, official data showed Wednesday.
The U.S Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories moved up by 5.0 million barrels to 366.20 million barrels last week and are above the upper limit of the average range for this time of year.
The week before, inventories moved up by 700,000 barrels to 361.20 million barrels.
Meanwhile, total motor gasoline inventories were down by 4.40 million barrels last week, after increasing by 1.20 million barrels in the prior week, but are above the upper limit of the average range.
Analysts were expecting crude oil inventories to increase by 700,000 barrels and gasoline inventories to decrease by 200,000 barrels, last week.
Late Tuesday, the API revealed U.S. crude inventories rose by 6.40 million barrels, while gasoline stocks dipped 1.8 million barrels in the week ended October 22.
Moreover, oil refinery inputs averaged 14.1 million barrels per day during the week, which were 171,000 barrels per day above the previous week's average.
Meantime, U.S. crude oil imports during the week averaged 9.50 million barrels per day last week, up by 863,000 barrels per day from the previous week, official data revealed. Over the last four weeks imports have averaged 8.8 million barrels per day, which were 76,000 barrels per day below the same four-week period last year.
Meanwhile, Light Sweet Crude Oil (WTI) futures for December delivery were down $1.70 to $80.85 a barrel as the U.S. dollar surged amid doubts about the size of the probable monetary easing measures by the Federal Reserve. Oil prices were struggling to move higher since hitting a 5-month high above $85 in early October.
