The Energy Information Administration (EIA) released a report on Wednesday indicating an unexpected rebound in U.S. crude oil inventories for the week ending September 27. According to the report, crude oil inventories surged by 3.9 million barrels last week, following a decrease of 4.5 million barrels the previous week.
Despite this increase, crude oil inventories, totaling 416.9 million barrels, remain approximately 4 percent below the five-year average for this time of year.
The EIA also reported a rise in gasoline inventories, which grew by 1.1 million barrels last week. However, these levels are still about 1 percent below the five-year average for this period.
In contrast, distillate fuel inventories—which include heating oil and diesel—declined by 1.3 million barrels last week and are about 8 percent below the five-year average for this time of year.