EIA: US Crude Stocks Rise As Fuel Inventories Draw Down

U.S. crude oil stocks rose last week for the fifth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration (EIA) said Oct. 24.

Crude inventories rose by 6.3 million barrels in the week to Oct. 19, compared with analyst expectations for an increase of 3.7 million barrels. In the last five weeks, overall U.S. stocks have risen to 422 million barrels, not including the country’s strategic reserve, which holds about 656 million barrels.

Gasoline stocks fell by 4.8 million barrels, exceeding expectations for a 1.9 million-barrel drop. Distillate stockpiles, which include diesel and heating oil, were also lower, dropping by 2.3 million barrels.