Print

The Energy Information Agency (EIA) has released the weekly crude inventories data in the US, which showed 431,000 barrels dropped by the week ending 15 October to 426.5 million barrels. 

Industry experts said that drawdown in stocks was mostly due to companies preferring selling the on-hand stocks in the prompt month because futures contracts are traded at lower levels. 

Refinery utilization rates dropped 2 percentage points to 84.7% amid the maintenance season. 

Gasoline inventories fell 5.4 million barrels to 217.7 million barrels, hitting the lowest level since November 2019.