EIA’s crude oil inventories 

The EIA (U.S. Energy Information Administration) reported that US crude oil (UWTI) (IXC) (ERY) (BNO) (RYE) inventories rose by 4.9 MMbbls (million barrels) to 474 MMbbls between September 30 and October 7. US crude oil inventories rose 1.1% week-over-week and 9% year-over-year.

US crude oil inventories are now near October 2015 levels. They rose for the first time in the last six weeks. A Reuters survey had estimated that US crude oil inventories could have risen by 700,000 barrels between September 30 and October 7, 2016.

Why US Crude Oil Inventories Are Near October 2015 Levels

US crude oil prices rose despite the larger-than-expected rise in weekly crude oil inventories on October 13, 2016. For more on crude oil prices, please read Parts 1 and 2 of this series. In Part 6, we’ll see why US crude oil inventories rose.

High crude oil prices could have a positive impact on oil and gas producers’ earnings, including Sanchez Energy (SN), Comstock Resources (CRK), and Triangle Petroleum (TPLM).

The ups and downs in oil prices also impact ETFs and ETNs such as the Guggenheim S&P 500 Equal Weight Energy ETF (RYE), the ProShares Ultra Oil & Gas (DIG), the iShares U.S. the Fidelity MSCI Energy (FENY), the Energy ETF (IYE), and the United States Brent Oil ETF (BNO).

EIA update crude oil inventory data

The EIA announced that it “will no longer include crude oil lease stocks in commercial inventory data and historical data has been similarly revised to provide users with matching data sets.”

The changes have been applied to the crude oil inventory report released on October 13 for the week ending October 7, 2016.

In the next part of this series, we’ll look at US crude oil inventories by region.

Latest articles

Apple (AAPL) investors have had a roller coaster week. Apple stock has lost just under 2% in a week, ending on August 23, 2019.

Competition taking a toll on Netflix as its share of US subscription video streaming market keep falling as rivals gain ground.

Crude oil production continues to rise, and oil prices remain at $50. Despite that, US energy stocks aren’t getting investors’ interest.

Apple stock fell 4.6% as the US-China trade war intensified today. China warned of tariffs on more US goods, followed by Trump's tweeted response.

In response to new tariffs from China and President Trump's tweets, the market tanked to session lows on Friday. The DJIA nosedived more than 600 points.

Coverage on Cresco Labs has increased from seven analysts in July to nine in August. Six analysts favor a “strong buy,” and three recommend a “buy.”