FX.co ★ U.S. Crude Oil Inventories Unexpectedly Decrease

According to a report from the Energy Information Administration (EIA) released on Thursday, U.S. crude oil inventories experienced an unexpected decline during the week ending October 11. Specifically, crude oil stocks decreased by 2.2 million barrels, contrasting sharply with the previous week's increase of 5.8 million barrels. This decline defies economic forecasts which had anticipated an increase in crude oil inventories by 2.3 million barrels.

Currently, U.S. crude oil inventories stand at 420.5 million barrels, which is approximately 5% below the five-year average for this period. The report also highlighted a reduction in gasoline inventories, which decreased by 2.2 million barrels last week and now sit 4% under the five-year average for this season.

Additionally, the inventories of distillate fuels, including heating oil and diesel, dropped by 3.5 million barrels last week and are approximately 10% lower than the five-year average for this time of year.