Weekly Crude Oil and Gasoline Inventories

Weekly energy inventories from the Department of Energy were released a day later than normal this week due to the Columbus Day holiday.  Overall, weekly inventory changes were roughly in line with estimates.  In the latest week, crude oil stockpiles rose by 1.672 mln barrels (estimates were for a build of 1.5 mln).  Gasoline inventories, on the other hand, were slightly less than forecast, falling by 534K barrels (estimates called for a drop of 250K).  As shown in the charts below, crude oil inventories remain well above their historical average for this time of year, while gasoline stockpiles are near their lows (relative to normal) for the year.

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