U.S. Sees Decline in Oil and Gasoline Stocks Amid Diesel Increase

The U.S. Energy Information Administration reported a significant decline in crude oil and gasoline inventories for the week ending October 16. Data revealed that crude oil stocks dropped by approximately 3.06 million barrels to 412.5 million barrels, a decrease exceeding analyst expectations of a 820,000-barrel decline. Gasoline inventories also fell by 2.95 million barrels to 205.3 million barrels, surpassing forecasts that predicted a reduction of about 443,000 barrels. Conversely, distillate fuel inventories, including diesel and heating oil, rose by 1.68 million barrels to 104.3 million barrels, contrary to market expectations of a 1.16 million barrel decrease. The report showed a slight dip in refinery utilization rates by 0.1 percentage points, reaching 93.4% for the week, while net crude oil imports into the U.S. increased by 837,000 barrels per day. Additionally, crude oil stocks at the strategic delivery hub in Oklahoma rose by 987,000 barrels, a key indicator closely watched for pricing U.S. crude futures.