Stocks of crude oil in the United States increased by 9.281 million barrels in the week ended October 11th 2019, following a 2.927 million gain in the previous week and compared with market expectations of a 2.878 million gain, according to EIA Petroleum Status Report. It was the biggest gain in oil inventories since the week ended April 26th. Meanwhile, gasoline inventories went down by 2.562 million barrels after decreasing by 1.213 million in the previous week and compared with market consensus of a 1.209 million decline. Crude Oil Stocks Change in the United States averaged 0.06 BBL/1Million from 1982 until 2019, reaching an all time high of 14.42 BBL/1Million in October of 2016 and a record low of -15.22 BBL/1Million in January of 1999.
Crude Oil Stocks Change in the United States is expected to be 2.70 BBL/1Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Crude Oil Stocks Change in the United States to stand at 3.00 in 12 months time. In the long-term, the United States Crude Oil Stocks Change is projected to trend around 2.60 BBL/1Million in 2020, according to our econometric models.