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Crude Oil Stocks Change in the US was +0.5 million barrels in the week ending October 2nd, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for an increase of 0.3 million barrels.

Market reaction

Crude oil prices edged slightly higher with the initial reaction to this report. As of writing, the barrel of West Texas Intermediate (WTI) was down 0.28% on the day at $39.65.

Additional takeaways

“US crude oil refinery inputs averaged 13.9 million barrels per day during the week ending October 2, 2020, which was 184,000 barrels per day more than the previous week’s average.”

“US crude oil imports averaged 5.7 million barrels per day last week, increased by 0.6 million barrels per day from the previous week.”

“Total products supplied over the last four-week period averaged 17.8 million barrels a day, down by 14.8% from the same period last year.”