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Commodities Corner: Here’s why 31 million barrels are set to disappear from U.S. oil inventories

The U.S. Energy Information Administration will make a change to its petroleum-supply report next month that could see weekly data on crude-oil stockpiles shift downward by roughly 31 million barrels.

On Oct. 13, the Weekly Petroleum Status Report, or WPSR, will “no longer include crude oil lease stocks in the U.S. total commercial crude oil inventory data series,” the EIA announced on Wednesday.

Crude-oil lease stocks refer to oil stored in tanks at U.S. sites where producers drill on leased land. The government agency explained that these lease stocks aren’t yet available for commercial use and that often times, operators don’t count them as production until they are transferred off the lease by pipeline, rail or trucks to tank farms for storage.

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