Distillate stocks rose 1.675 million barrels but remain 12% below their five year average as the industry enters the winter season. The Strategic Petroleum Reserve holds 282.7 million barrels, nearing its operating floor of 250 million to 300 million barrels. Commercial oil stocks have shed over 56 million barrels over a 27 week period, despite refineries processing a mid-October record 16.65 million barrels per day at 93.4% utilization.
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US Oil Storage Hits 70.9 Day Demand Cover Thinnest Since 2001
Commodities5 days ago
Total reserves of U.S. oil, including emergency stockpiles, now provide enough fuel for just 70.9 days of consumption, the thinnest cushion since January 2001. Energy Information Administration data show commercial crude stockpiles dropped 3.06 million barrels last week to 412.5 million barrels, or 3% below the five year average, while gasoline inventories fell by 3 million barrels. Total petroleum holdings across all categories decreased by 8.754 million barrels to 1,498.245 million barrels for the week ending Oct. 16.
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