US commercial crude oil stocks increased by about 9 million 900 thousand barrels last week compared to the previous week. Market expectations were that stocks would increase by 7 million 54 thousand barrels.
The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country increased by about 9 million 900 thousand barrels last week to 439 million a hundred thousand barrels. Market expectations were that stocks would increase by 7 million 54 thousand barrels.
Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 7 million 700 thousand barrels to 408 million 700 thousand barrels.
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In the said period, US gasoline stocks increased by 2 million barrels to 209 million 500,000 barrels.
Oil production decreased
US crude oil imports increased by an average of 116 thousand barrels per day to 6 million 63 thousand barrels last week compared to the previous week, while exports decreased by an average of 1 million 679 thousand barrels per day to 2 million 872 thousand barrels.
The country’s daily crude oil production decreased by 103 thousand barrels to 12 million 332 thousand barrels in the week of October 1-7.
According to the EIA’s ‘October 2022 Short-Term Energy Outlook Report’, the US’s average daily crude oil production is expected to be 11 million 750 thousand barrels in 2022 and 12 million 360 thousand barrels next year.
