Home Gold News EIA Says US Crude Oil Inventories Drop By 3.8 Million Barrels

EIA Says US Crude Oil Inventories Drop By 3.8 Million Barrels

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The Energy Information Administration (EIA) reported an inventory draw of 3.8 million barrels for the week to October 9. At 489.1 million barrels, the US crude oil inventories were above the five-year seasonal average.

In gasoline, the EIA reported an inventory draw of 1.6 million barrels compared with a decline of 1.4 million barrels a week earlier. Gasoline production averaged 9.2 million bpd last week, compared with 9.5 million bpd a week earlier.

In distillate fuels, the EIA estimated a stock decline of 7.2 million barrels, compared with a 1-million-barrel draw a week earlier. Production of distillate fuels averaged 4.3 million bpd last week, compared with 4.5 million bpd a week earlier.

EIA reported that US crude oil refinery inputs averaged 13.6 million barrels per day, a fall of 277,000 barrels from the previous week’s average. US crude oil imports also fell by 477,000 barrels to register at 5.3 million barrels per day for the week ended October 9, 2020.

Oil prices fell on Friday

Oil prices fell on Friday on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world’s biggest fuel consuming regions. A technical committee of the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, a group know as OPEC+, ended a meeting on Thursday expressing concerns about rising oil supply as social restrictions to curb the spread of COVID-19 limit fuel usage. OPEC+ is set to reduce its current supply cuts of 7.7 million barrels per day (bpd) by 2 million bpd in January even as OPEC Secretary General Mohammed Barkindo admits fuel demand is looking “anaemic.”

Time                                      :           16/10/2020

Pivot                                     :           40.32

Technical View                     :           LONG ABOVE 40.52

Target                                   :           40.72, 41.56, 42.29, 43.38

Technical View                      :           SHORT BELOW 40.12

Target                                   :           39.92, 39.34, 38.35, 37.52

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