Crude oil prices higher after the inventory report
The energy complex is trading higher after the Energy Information Administration (EIA) released its latest weekly oil inventory report. The data showed that total crude &and product stocks decreased by 11.210/mmbls to 1379.697/mmbls for week ending Sept. 30. Looking at the year-on-year for Total Crude & Product stocks, we see we are now 76/mmbls above last year’s level for this time of the year and above the five-year average by 231.6/mmbls.
Crude oil stocks decreased by 2.976/mmbls to 499.740/mmbls versus our projections looking for a build of around 4/mmbls for the week under review. Looking at the year on year we are running at 38.7/mmbls above last year’s level for this time of the year and 120.6/mmbls above the five year average. When we look at the PADD breakdown we saw a mostly higher picture with PADD I showing a build of 1.111/mmbls to 15.350/mmbls and PADD II showed a build of 1.109/mmbls to 147.748/mmbls. Cushing, Okla., showed a build of 569,000/bbls to 62.652/mmbls while PADD III showed a draw of 4.327/mmbls to 260.367/mmbls. PADD IV showed a build of 400,000/bbls to 25.627/mmbls while PADD V showed a draw of 1.268/mmbls to 50.648/mmbls.