U.S. crude oil inventories fell more than anticipated according to the latest EIA report, with oil refinery inputs averaging just over 16.0 million barrels per day during the week ending on the 29th of September. This marked a decrease of 145,000 barrels per day compared with the previous weeks average, with a substantial part of the decline attributed to the residual destructive effects of the recent Hurricane Harvey.

Refineries operated at 88.1% of their operational capacity, gasoline production increased by 1.6 million barrels to 218.9 million and distillate stores fell 2.6 million barrels to 135.4 million.

U.S. crude oil imports decreased by 213,000 barrels per day to an average of 7.2 million barrels, with the 4-week average calculated at 7.1 million barrels per day.

Demand remained level, with total products supplied over the last four weeks averaging 20.2 million barrels per day. Motor gasoline product supplied averaged 9.5 million barrels per day (a 1.3% yearly increase) while distillate fuel product supplied averaged over 4.0 million barrels per day (a 12% yearly increase). Jet fuel product supplied fell by 0.6% compared to the same period in the previous year.