US crude oil inventories fall for 5th consecutive week... down 870,000 barrels in a week
Original headline美 원유재고 5주 연속 감소…한 주 새 87만 배럴 줄어
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US commercial crude inventories fell by 870,000 barrels in the week ended October 30 to 409.76 million barrels, marking a fifth consecutive weekly drawdown, according to EIA data. The decline was smaller than the prior week's and brought the five-week total reduction to 17.56 million barrels, following draws of 3.19 million, 8.55 million, 3.06 million and 1.89 million barrels. The Strategic Petroleum Reserve also fell by 390,000 barrels to 282.18 million barrels, while retail gasoline averaged $4.153 per gallon and natural gas storage stood at 3.724 trillion cubic feet. The sustained drawdown matters as a signal of US oil demand and supply tightness. Next, watch whether inventories extend the streak or the pace of declines continues to moderate.
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Named in this story
U.S. commercial crude oil inventories, U.S. Energy Information Administration, United States, Strategic Petroleum Reserve