Key facts
- The API estimated commercial crude stocks excluding the SPR lost more than 64 million barrels over 29 weeks.
- The API estimated 400,000 barrels left the SPR in the week ending October 30, leaving 282.2 million barrels.
- The report said the SPR level is 432 million barrels below maximum capacity and near the 250-300 million barrel operational minimum.
- The API estimated gasoline inventories rose 1.427 million barrels and distillates fell 270,000 barrels in the week ending October 30.
- The API estimated Cushing inventories gained 511,000 barrels after a 453,000 barrel draw the week before.
- The report said US production rose to 13.992 million barrels per day in the week ending October 23, up 348,000 barrels per day from a year earlier.
US crude oil inventories fell by an estimated 5.267 million barrels in the week ending October 30, the American Petroleum Institute said, after a 2.031 million barrel draw in the prior week. The industry group's figures, reported by Oilprice.com on November 3, put commercial crude stocks excluding the Strategic Petroleum Reserve more than 64 million barrels lower over 29 weeks and 12 million barrels lower over the year.
In the week ending October 30, 400,000 barrels left the SPR to aid commercial inventories, the report said, leaving the reserve at 282.2 million barrels. That is 432 million barrels below maximum capacity and close to the 250-300 million barrel range the report described as the generally accepted operational minimum.
The report said US production rose to 13.992 million barrels per day in the week ending October 23 from 13.269 million barrels per day the week before, and was up 348,000 barrels per day from a year earlier. Gasoline inventories rose an estimated 1.427 million barrels in the week ending October 30, while distillates fell 270,000 barrels and Cushing stocks gained 511,000 barrels.
At 4:25 pm ET on Wednesday, Brent crude was trading down 0.43% on the day at $104.32 a barrel, roughly $10 below its level a week earlier, the report said. WTI was trading up $0.22, or 0.23%, at $97.24 a barrel, about $3 lower than a week earlier.