Surprise Crude Inventory Spike Slams Oil Prices can't hide lies in the inventory levels
Gasoline inventories fell this week by 557,000 barrels, compared to last week’s 900,000-barrel increase. As of last week, gasoline inventories are 1% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell by 2.59 million barrels, on top of last week’s 2.7-million-barrel decrease. Distillates were already about 8% below the five-year average as of the week ending September 27, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma, rose by 1.359 million barrels, according to API data, on top of the 700,000-barrel build of the previous week. Inventories at Cushing are now under 24 million barrels.