The EIA said on Oct. 31 that crude stocks rose 3.2 million barrels in the week to Oct. 26, less than analysts’ expectations for a 4.1 million-barrel build.
Source: www.oilandgasinvestor.com
For the week ending Oct.26, U.S. crude oil inventories rose 3.2 million barrels, as per data from the Energy Information Administration (EIA). This is the sixth consecutive weekly gain for U.S. crude oil inventories, but fell short of analysts’ forecast of 4.1 million build last week. This result was due primarily to a drop (639k bbl/d) in net imports and the government’s sale of barrels from its reserve. The increase was led by Midwest, where stocks at the Cushing, Okla., delivery hub rose 1.9 million barrels. Following the news release, WTI crude oil prices fell nearly 1.7% to close at USS65.0/bbl on Wednesday.
