Business · Energy & Commodities · 4 hrs ago
US oil stocks fell by 4.9 million barrels, industry estimates show
US crude oil inventories fell by 4.9 million barrels in the week ending October 16, according to estimates from the American Petroleum Institute.
Gasoline stocks fell by about 2 million barrels, while distillate stocks, including diesel and heating oil, dropped by 2.6 million barrels.
The figures are industry estimates, not official government data.
The US Energy Information Administration is due to publish its official figures on Wednesday, and analysts surveyed by the Wall Street Journal expected a smaller crude-stock decline of about 300,000 barrels.
The inventory declines came as oil prices fell on Tuesday: Brent settled at $108.79 a barrel and US West Texas Intermediate at $101.79.
The government figures will provide an official check on the estimates.
U.S. commercial crude oil inventories fell by 4.9 million barrels in the week ending October 16, according to estimates from the American Petroleum Institute.
Gasoline inventories fell by about 2 million barrels, while distillate inventories declined by 2.6 million barrels.
The U.S. Energy Information Administration was due to release official data on Wednesday.
Analysts surveyed by The Wall Street Journal expected crude inventories to fall by about 300,000 barrels.
- Who
- The American Petroleum Institute provided the estimates.
- What
- U.S. commercial crude oil inventories fell by 4.9 million barrels.
- When
- In the week ending October 16.
- Where
- The United States.
- Why
- Not stated.
This story does not have two clearly opposing sides.
U.S. commercial crude oil inventories fell by 4.9 million barrels, according to API estimates.
The American Petroleum Institute released its report.
The U.S. Energy Information Administration was scheduled to release official data.
- Crude inventory change
- Fell by 4.9 million barrels
- Gasoline inventory change
- Fell by about 2 million barrels
- Distillate inventory change
- Fell by 2.6 million barrels
- Reporting period
- Week ending October 16
- Expected official data
- EIA release scheduled for Wednesday
What people are saying
Commercial crude oil inventories in the United States fell by 4.9 million barrels during the week ending October 16, coinciding with a decline in gasoline and distillate inventories, according to estimates from the American Petroleum Institute.