U.S. Total Crude Stocks Fall 3.36 Million Barrels as SPR Shrinks

U.S. crude inventories, including the Strategic Petroleum Reserve, fell 3.36 million barrels in the week ended Oct. 16, while stockpiles at the Cushing hub rose by nearly 1 million barrels.

Total crude stocks stood at 695.2 million barrels. The reserve declined by 300,000 barrels to 282.7 million, and commercial inventories excluding the reserve fell 3.06 million barrels to 412.5 million, about 3% below the five-year average for this time of year. Commercial crude inventories also fell in the weekly report.

Cushing, Oklahoma, inventories increased by 987,000 barrels to 27.6 million. The next weekly inventory figures are scheduled for Oct. 28.