18-Oct-2025 14:22

WTI crude futures stayed under $60 per barrel though it recovered a bit from a five-month low. Upside remained limited as US crude inventories surged by 7.4 million barrels last week, the largest rise since July. At 423.8 million barrels, US crude oil inventories are about 4% below the five-year average for this time of year, according to Energy Information Administration or EIA. The US crude oil imports averaged 5.5 million barrels per day last week, decreasing by 878 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 2.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 532 thousand barrels per day, and distillate fuel imports averaged 160 thousand barrels per day. The International Energy Agency or IEA stated in a latest monthly update that global oil demand rose by 750 thousand barrels per day (kb/d) y-o-y in 3Q25, as petrochemical feedstocks led a rebound from 2Q25's tariff-afflicted 420 kb/d pace. IEA noted that oil use will remain subdued over the remainder of 2025 and in 2026, resulting in annual gains forecast at around 700 kb/d in both years. This is well below historical trend, as a harsher macro climate and transport electrification make for a sharp deceleration in oil consumption growth.

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