FX.co ★ U.S. Crude Oil Inventories Rebound More Than Expected

The Energy Information Administration (EIA) revealed on Wednesday that U.S. crude oil inventories experienced a stronger-than-anticipated increase in the week ending November 1st. This comes after an unexpected decline was reported the previous week.

According to the EIA's report, crude oil inventories rose by 2.1 million barrels, following a decrease of 0.5 million barrels the week before. Analysts had projected a smaller increase of 1.8 million barrels.

Despite this growth, U.S. crude oil inventories are approximately 5% below the five-year seasonal average, totaling 427.7 million barrels, the EIA noted.

Gasoline inventories slightly rose by 0.4 million barrels, yet they remain about 2% below the five-year average for this time of year, as reported by the EIA.

Additionally, distillate fuel inventories, comprising heating oil and diesel, saw an increase of 2.9 million barrels. Nevertheless, these inventories are approximately 6% below the five-year seasonal average.