• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 23 hours e-truck insanity
  • 7 days China deletes leaked stats showing plunging birth rate for 2023
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Inches Lower Despite Crude Inventory Draw


Crude oil prices slipped today after the U.S. Energy Information Administration reported crude oil inventories had shed 1.7 million barrels in the week to October 14.

This compared with an inventory build of 9.9 million barrels for the previous week and an API estimate of declines in both crude and fuels for the week to October 14.

In gasoline stocks, the EIA reported a draw of 100,000 barrels, which compared with a build of 2 million barrels for the previous week.

Gasoline production averaged 9.4 million bpd in the week to October 14, which compared with 9.2 million bpd during the previous week.

In distillate fuels, the EIA reported an inventory increase of 100,000 barrels for last week. This compared with two consecutive weekly draws of a combined 8.3 million barrels.

These weekly draws are contributing to the depletion of U.S. distillate stocks, which is fueling fears of a diesel shortage. Diesel supply has been tightening for months now, as the global economy emerged from pandemic restrictions with less refining capacity but strong fuel demand.

As a result, warnings are multiplying that we may be on the cusp of a diesel shortage that could prove to be even more dangerous than a crude oil shortage given diesel’s use in the transportation and agricultural industry, to mention just a couple.

Middle distillate production in the U.S. last week went up to 5 million barrels. This compared with 4.9 million bpd for the previous week.

Meanwhile, President Biden has announced the release of another 15 million barrels of crude from the strategic petroleum reserve, which would complete the 180-million-barrel release program announced earlier this year to counter soaring prices at the pump.

The White House also said in a fact sheet it would start replenishing the SPR when oil prices fall to between $67 and $72 per barrel, noting this would ensure long-term demand for oil and stimulate local production.


By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Darrel Farris on October 19 2022 said:
    I wonder why Ms. Slav didn't mention the number of barrels that were released last week from the SPR?

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News