API: Crude Stocks Fall 6.5M Bbl on Week

SECAUCUS, NJ (DTN) – U.S. crude oil inventories declined for a third straight week during the week ended October 31, with gasoline and distillate fuel stocks posting sharp draws as well, the American Petroleum Institute reported on Tuesday (11/04).

U.S. commercial crude oil supply fell by a net 6.5 million bbl last week, following the 4-million bbl decrease the prior week.
This was after inventories at Cushing, Oklahoma, the delivery point for NYMEX West Texas Intermediate futures, rose by 364,000 bbl, adding to the 1.7 million bbl build of the previous week.

Gasoline inventories dropped by 5.6 million bbl, extending the 6.3 million bbl draw of the prior week.
Distillate fuel stocks also fell, by 2.5 million bbl after the 4.4 million bbl decrease of the prior week.