The pull in crude oil inventories was despite the Energy Department’s release of 1.9 million barrels from the Strategic Petroleum Reserve in the week ended Oct. 28, leaving the SPR at 399.8 million barrels. Last week, the API reported a rise in crude oil inventories of 4.520 million barrels. WTI rose on Tuesday. Shortly before the data announcement at 4:30 p.m. ET, WTI was trading up $1.75 (+2.02%) on the day at $88.28 a barrel. That’s up about $3 a barrel from last week. Brent crude traded up $1.71 (+1.84%) on the day at $94.52 – up more than $1 on the week. U.S. crude oil production has been flat for months. For the week ended Oct. 21, U.S. crude oil production remained at 12 million bpd, according to the latest weekly EIA data, in the same 11.9-12.1 million bpd range as it has been since early summer. At 12 million bpd, US crude output is just 300,000 bpd up from levels seen at the start of the year and still 1.1 million bpd short of levels seen at the start of the pandemic. The API reported a decline in gasoline inventories this week of 2.64 million barrels for the week ended Oct. 21, compared with 2.278 million barrels the previous week. Distillate inventories rose this week by 865,000 barrels, compared with a 635,000-barrel increase last week. Cushing inventories rose by 883,000 barrels in the week to Oct. 28. Last week, the API showed an increase in Cushing by 70,000 barrels. By Julianne Geiger for Oilprice.com More top reads from Oilprice.com:
