Oil numbers On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1 million barrels as of October 11. SPR inventories are now at 383.9 million barrels, a figure that reflects an increase of more than 36 million from its multi-decade low last summer, yet 251 million down from when President Biden took office.
Gasoline inventories fell this week by 5.926 million barrels, compared to last week’s 557,000-barrel decrease. As of last week, gasoline inventories are 4% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell by 2.672 million barrels, on top of last week’s 2.59-million-barrel decrease. Distillates were already about 9% below the five-year average as of the week ending October 4, 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 410,000 barrels, according to API data, on top of the 1.359-million-barrel build of the previous week.