
Anthony Harrup of The Wall Street Journal reports that record production levels and higher imports have boosted U.S. inventories of crude oil. Harrup writes:
U.S. crude oil inventories increased more than expected last week as production held at a record level and imports rose, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stockpiles excluding the Strategic Petroleum Reserve rose by 5.5 million barrels to 426 million barrels in the week ended Oct. 18 and were about 4% below the five-year average for the time of year, the EIA said.
Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would rise by 800,000 barrels. […]
Gasoline stocks increased by 878,000 barrels to 213.6 million barrels, versus expectations of a 1.3 million-barrel decline. Stocks were about 3% below the five-year average. Gasoline demand was up by 218,000 barrels a day at 8.8 million barrels a day.
Distillate fuel inventories fell by 1.1 million barrels to 113.8 million barrels, and were 9% below the five-year average. Distillate stocks were expected to fall by 1.6 million barrels.
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