EIA: US commercial crude inventories dropped 1.7 million barrels last week

The latest data from the Energy Information Administration (EIA) showed that commercial crude inventories in the US fell 1.7 million barrels in the week ending 14 October 2022 to 437.4 million barrels.

Refineries in the countries operated at 89.5% capacity, processing an average of 15.6 million barrels per day, 132,000 barrels less than the week before. 

Total motor gasoline stocks – an indication of demand health, fell 100,000 barrels to 209.4 million barrels – about 7% below the five-year average for this time of the year.

The US imported about 5.9 million barrels per day of crude oil during the week, a decrease of 200,000 barrels per day while export rose sharply to 4.138 million barrels per day from 2.872 million barrels per day in the prior week.