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Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…

Crude oil inventories in the United States saw a decrease of 900,000 barrels during the week ending October 30, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 409.8 million barrels, according to government data, which is now 4% below the five-year average for this time of year.

Total commercial petroleum inventories slipped by 8.2 million barrels during the reporting period.

The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 5.267 million barrels in the period.

Crude futures were trading down at 10:09 a.m. in New York. Brent futures were trading down at $100.71 per barrel—down $2.89 (-2.79%) on the day and down roughly $15 per barrel from this same time last week. WTI was also trading down on the day, by $2.79 per barrel (-2.90%) on Wednesday morning at $93.30, down nearly $9 per barrel since this time last week.

For total motor gasoline, the EIA reported that inventories decreased by 200,000 barrels, after growing by 3.9 million barrels in the week prior. The most recent figures showed that average daily gasoline production increased to 9.7 million barrels. For middle distillates, inventories decreased by 3.6 million with production decreasing to an average of 5.2 million barrels daily. Distillate inventories are now 13% below the five-year average.

Total products supplied—a proxy for U.S. oil demand—jumped to a 4 week average of 21.2 million barrels per day over the last four weeks, up 4.2% compared to the same period last year. Gasoline demand averaged 8.6 million barrels per day over the last four weeks, with the distillate four-week average supplied at 4.2 million barrels—up 8.7% year over year.

By Julianne Geiger for Oilprice.com

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