US crude oil inventories fall by 3.2 million barrels

U.S. crude oil inventories decreased by 3.2 million barrels during the week ending October 2, bringing commercial stockpiles to 424.1 million barrels. This figure is approximately 1% above the five-year average for this period. At the Cushing, Oklahoma, delivery hub, crude stocks rose by 444,000 barrels.

In contrast to the crude decline, gasoline inventories increased by 400,000 barrels. Middle distillate stockpiles, which include diesel and heating oil, remained essentially unchanged at 105.1 million barrels, a level currently 12% below the five-year average.

Refinery crude runs rose by 223,000 barrels per day, with utilization rates increasing slightly to 92.7%. Data regarding total products supplied, a proxy for oil demand, averaged 21.1 million barrels per day over the last four weeks, representing a 0.7% increase compared to the same period last year.