EIA: U.S. crude oil stockpiles plunge


Shafaq News / The US Energy Information Administration (EIA) announced on Wednesday that crude oil inventories in the United States dropped significantly last week. 

The administration said that US Crude inventories fell by 8 million barrels in the week to Oct. 30, compared with analysts’ expectations for an increase of 890,000 barrels.

Refinery crude runs rose by 164,000 bpd and refinery utilization rates rose by 0.7 percentage point, EIA data showed.

Gasoline stocks rose by 1.5 million barrels, compared with analysts’ expectations in a Reuters poll for a 871,000-barrel drop.

Distillate stockpiles, which include diesel and heating oil, fell by 1.6 million barrels, versus expectations for a 2.0 million-barrel draw, the EIA data showed.

Net U.S. crude imports rose last week by 560,000 bpd.

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