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Oil Rises On Surprise Crude Draw
Crude oil inventories in the United fell by 777,000 barrels for the week ending November 1, according to The American Petroleum Institute (API). Analysts had expected a build of 1.0 million barrels.
For the week prior, the API reported a 3.132-million barrel build in crude inventories.
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So far this year, crude oil inventories have slipped by just almost 4 million barrels since the beginning of the year, according to API data.
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On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of November 8. SPR inventories are now at 387.8 million barrels, a figure that is about 41 million above its multi-decade low last summer, yet 247 million down from when President Biden took office.
At 4:21 pm ET, Brent crude was trading down slightly by $0.03 (-0.04%) on the day at $71.86—down nearly $4 per barrel compared to last Tuesday. The U.S. benchmark WTI was also trading down on the day by $0.14 (-0.21%) at $67.98—down just over $4 per barrel from last Tuesday.
Gasoline inventories rose this week by 312,000 barrels compared to last week’s 928,000-barrel decrease. As of last week, gasoline inventories are 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose by 1.136 million barrels, compared to last week’s 852,000-barrel decrease. Distillates were already about 6% below the five-year average as of the week ending November 1, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell by 1.859 million barrels, according to API data, after rising by 1.724 million barrels in the previous week.
By Julianne Geiger for Oilprice.com
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