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Inventories Fall Again

Crude oil prices have fallen lower once again this week despite a mostly bullish report from the Energy Information Administration.

The EIA reported that in the week ending October 16th, US crude inventories decreased by 1 million barrels.

This latest adjustment takes the total inventories level in the US down to 488.1 million barrels. Stockpiles are now just 10% above their five-year seasonal average.

This marks a reduction of more than half of where they were sitting just a few months ago.

Gasoline Stocks Rise, Distillates Fall

Despite the decrease in headline crude inventories, the climb in gasoline inventories was somewhat disappointing.

Gasoline inventories increased by 1.9 million barrels over the week, taking stockpiles back up to 2% above their five-year seasonal.

Meanwhile, distillate stockpiles fell by a further 3.8 million barrels. They are now just 19% above their five-year seasonal average.

Looking at price action in crude in response to the data, it...

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