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US Crude Inventories Build as Fuel Stocks Continue to Decline
Crude oil inventories in the United rose by 4.753 million barrels for the week ending November 8, according to The American Petroleum Institute (API). Analysts had expected a much smaller build of 800,000 barrels.
For the week prior, the API reported a 777,000 barrel draw in crude inventories.
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So far this year, crude oil inventories have risen by less than 1 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 1.4 million barrels as of November 15. SPR inventories are now at 389.2 million barrels, a figure that is about 42 million above its multi-decade low last summer, yet 246 million down from when President Biden took office.
At 3:19 pm ET, Brent crude was trading up $0.12 (+0.16%) on the day at $73.42—up more than $1.50 per barrel compared to last Tuesday. The U.S. benchmark WTI was also trading up on the day by $0.44 (+0.64%) at $69.60—up $1.60 per barrel from last Tuesday. Oil prices saw a spike earlier in the week after the U.S. approved Ukraine to fire U.S.-manufactured missiles into Russian territory and a supply outage at Johan Sverdrup.
Gasoline inventories fell this week by 2.48 million barrels compared to last week’s 312,000-barrel increase. As of last week, gasoline inventories are 4% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell by 688,000 barrels, compared to last week’s 1.136-million-barrel increase. Distillates were about 5% below the five-year average as of the week ending November 8, 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 288,000 barrels, according to API data, after falling by 1.859 million barrels in the previous week.
By Julianne Geiger for Oilprice.com
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Source: https://oilprice.com/
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