US Crude Oil Inventories Buck Analyst Expectations

031 million barrels in the week ending October 23. 93 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 58 million barrels over the last 28 weeks, but US crude inventories are still only 7 million below where they were at the beginning of the year, according to API data, kept in check in part thanks to draws from the SPR.

6 million barrels—a level that is still 431 million barrels shy of maximum capacity. The generally accepted operational minimum for oil in the SPR is between 250-300 million barrels, below which the reserve may find it difficult to pump and process oil efficiently. 679 in the week prior, and down 360,000 bpd from a year ago.