Crude oil inventories fell 2.7 million barrels in the October 6 week to 462.2 million, 2.5 percent below the level a year ago. Product inventories were mixed, with gasoline up 2.5 million barrels to 221.4 million, 1.8 percent below the year ago level, while stocks of distillates fell 1.5 million barrels to 134.0 million, down 14.7 percent year-on-year. The decline in crude oil inventories reported by the EIA came as a surprise following Wednesday's weekly report of a 3.1 million barrel increase by the American Petroleum Institute, a private industry group. WTI prices jumped up about 30 cents to around $50.50 per barrel immediately following the release of the EIA report.
Refineries operated at 89.2 percent of their operable capacity in the week, up 1.1 percentage points from the prior week. Daily gasoline production increased by 100,000 barrels to an average of 10 million barrels, but the production of distillates remained unchanged at 4.9 million barrels per day.
Average daily crude imports rose 403,000 barrels to 7.6 million, pulling up the 4-week average to 7.4 million barrels per day, 6.6 percent below last year at this time.
The demand side was steady, with total products supplied over the last four weeks averaging 20.2 million barrels per day, up 1.3 percent year-on-year. Motor gasoline supplied during the period averaged 9.4 million barrels per day, up 1.3 percent from the level a year ago, while distillate fuel product supplied averaged 3.9 million barrels, up 2.1 percent from the same period last year.