Energy Preview: EIA crude oil inventories fall by 3.1 million barrels

Crude oil inventories in the United States saw a decrease of 3.1 million barrels during the week ending October 16, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 412.5 million barrels, according to government data, which is now 3% 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 reported that crude oil inventories had fallen by 4.93 million barrels in the period. For total motor gasoline, the EIA reported that inventories decreased by 3 million barrels, after gaining 3.5 million barrels in the week prior. The most recent figures showed that average daily gasoline production averaged 9.8 million barrels.

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