Energy Preview: Crude oil inventories in the US increased by 3.5 million barrels, says EIA

Crude oil inventories in the United States increased by 3.5 million barrels during the week ending October 10, after gaining 3.7 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The increase brings commercial stockpiles to 423.8 million barrels according to government data, which is still 4% below the five-year average for this time of year. The EIA?s data release follows API?s figures that were released a day earlier, which suggested that crude oil inventories grew by a massive 7.36 million barrels. For total motor gasoline, the EIA reported that inventories had contracted by 300,000 barrels, after the week prior?s 1.6-million-barrel decrease.

Powered by Commodity Insights