U.S. Crude Oil Stocks Declined

U.S. Crude Oil Stocks Declined U.S. crude oil stocks have declined. Inventories decreased by 8 million barrels compared to the previous week. In a statement made by the US Energy Information Administration (EIA), commercial crude oil stocks in the country fell by 8 million (1.6 percent) last week to 484.4 million barrels. The estimates of the market were that the stocks would increase by approximately 890 thousand barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased to 639.3 million barrels. In the mentioned period, the gasoline stocks of the USA reached 227.7 million barrels with an increase of 1.5 million barrels (0.7 percent).   Decrease in Daily Crude Oil Production The crude oil imports of the USA, which decreased by 634 thousand barrels per day compared to the previous week, reached approximately 5 million barrels last week. The country's oil exports decreased by an average of 1.2 million barrels per day to 2.3 million barrels per day. The daily crude oil production of the country decreased by 602 thousand barrels in the week of October 23-30 and was realized as approximately 10.9 million barrels. According to the EIA's October 2020 Short-Term Energy Outlook Report, the average daily US crude oil production is expected to be 11.2 million barrels this year.