Massive Inventory Build Pushes Oil Prices Down
Crude oil prices experienced a slight decline on Thursday following the Energy Information Administration's (EIA) report of a substantial inventory build of 10.2 million barrels during the week ending October 6. This significant change contrasted with the 2.2 million-barrel draw from the previous week, which had not impacted prices as expected. The reason for this was the EIA's concurrent estimate of a notable increase in gasoline inventories, causing concerns about the state of demand.
During the first week of October, the EIA reported a 1.3 million-barrel decrease in gasoline inventories, compared to the previous week's 6.5 million-barrel build. Gasoline production for the week averaged 9.7 million barrels per day, up from the previous week's 8.8 million barrels per day.
Regarding...