Oil futures rose early Wednesday before federal data showed U.S. crude and gasoline stocks contracted in the week ending Oct. 16, while distillate inventories increased.
The U.S. Energy Information Administration (EIA) said commercial crude stocks, which exclude the Strategic Petroleum Reserve, fell 3.1 million barrels to 412.5 million barrels. Gasoline inventories declined by 3.0 million barrels; distillate stocks climbed by 1.7 million.
Brent futures stood at $110.85 a barrel at 6:48 a.m. ET (10:48 UTC) Wednesday, up 1.9% from Tuesday’s close. West Texas Intermediate (WTI) crude futures were $99.95 a barrel, up 2.2%. Those price readings came before the inventory data became public.
The American Petroleum Institute (API) had estimated a 4.93 million-barrel crude draw, larger than the EIA’s reported decline, as detailed in EconoTimes’ earlier comparison of the inventory estimates.
API’s calendar set its next bulletin for Oct. 27, while the EIA scheduled its next weekly report for Oct. 28.
