U.S. Crude Oil Stocks Decreased (October 16)

U.S. Crude Oil Stocks Decreased (October 16) U.S. crude oil stocks decreased (October 16). The country's crude oil inventories fell by 3.8 million barrels. The US Energy Information Administration (EIA) released data on crude oil stocks. According to the announced data, the commercial crude oil stocks in the country fell by 3.8 million (0.8 percent) last week to 489.1 million barrels. The estimation of the markets was that the stocks would fall by about 2.8 million barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased to 640.8 million barrels. In the given period, gasoline inventories of the USA decreased by 1.6 million barrels (0.7 percent) to 225.1 million barrels.   Decrease in Oil Production The crude oil imports of the USA reached 5.28 million barrels with an average daily decrease of 447 thousand barrels compared to the previous week. Oil exports decreased by an average of 524 thousand barrels per day and fell to the level of 2.13 million barrels. The daily crude oil production of the country fell by 509 thousand barrels in the week of October 3-9 and was recorded as approximately 10,950 million barrels. According to the EIA's October 2020 Short-Term Energy Outlook Report, the average daily production of US crude oil is estimated to be 11.2 million barrels this year.