US Crude Stockpiles Down First Time In 4 Weeks As Demand Outpaces Production - EIA

Muhammad Irfan Published October 20, 2021 | 09:59 PM

US crude stockpiles have fallen for the first time in four weeks as demand for gasoline and diesel outpaces production, data from the Energy Information Administration (EIA) revealed on Wednesday

WASHINGTON (UrduPoint News / Sputnik - 20th October, 2021) US crude stockpiles have fallen for the first time in four weeks as demand for gasoline and diesel outpaces production, data from the Energy Information Administration (EIA) revealed on Wednesday.

Crude stockpiles fell by 431,000 barrels during the week to October 15, after three previous weeks of builds totaling nearly 13, the EIA's Weekly Petroleum Status Report showed.

Analysts polled by US media had anticipated an increase of 2 million barrels for the just-ended week.

"Refined product demand remains robust, especially for gasoline, which is exceedingly strong," John Kilduff, founding partner at energy hedge fund Again Capital, said.

Higher economic activity amid a sheer drop in global caseloads of coronavirus infections have helped fuel consumption to spike in recent weeks as more motorists hit the road and governments loosened up activity curtailed for months by the coronavirus pandemic.

The higher demand for fuels showed up in the weekly inventory data set released by the EIA on Thursday.

Gasoline stockpiles fell by 5.4 million barrels last week versus forecasts for a drop of 950,000 while inventories of distillates slipped by 3.9 million barrels against expectations for a 1.2 million-barrel decline.