EIA Reports Drop in Oil and Gasoline Stockpiles
The article discusses data from the U.S. Energy Information Administration, which showed a decline in crude oil inventories by 3.06 million barrels to reach 412.5 million barrels for the week ending October 16. This exceeded analysts’ expectations of an 820,000-barrel decrease. Gasoline inventories also fell by 2.95 million barrels, while distillate inventories (such as diesel and heating oil) increased by 1.68 million barrels, despite forecasts of a decrease. The report indicates that refinery utilization rates dropped to 93.4%, and U.S. oil imports increased by 837,000 barrels per day, reflecting growing demand for oil in the American market.
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