Analysis
The report measures weekly supplies and inventories. It does not establish what retail fuel prices will do next or isolate one cause of a market-price move.
Crude supplies decline
U.S. commercial crude inventories, excluding the Strategic Petroleum Reserve, fell 3.2 million barrels to 424.1 million barrels in the week ended October 2. The Energy Information Administration released its weekly figures on October 7. Reuters reported that its analyst poll had expected an increase of 1.7 million barrels.
Fuel stocks move differently
Gasoline inventories increased 0.4 million barrels to 204.7 million barrels. Distillate inventories, including diesel and heating oil, were little changed at 105.1 million barrels. The report’s totals are independently rounded; a displayed stock-level difference may not equal the separately reported change.
Refineries process more crude
Refinery crude inputs increased 223,000 barrels per day to about 16.5 million barrels per day. Refineries operated at 92.7% of capacity, up 0.2 percentage point from the previous week. Total commercial petroleum inventories fell 6.9 million barrels.
What remains uncertain
Weekly estimates may be revised. Commercial crude inventories exclude the Strategic Petroleum Reserve; total petroleum inventories cover a broader set of products.