EIA Data Shows Builds in Crude, Gasoline and Distillates
Crude oil inventories in the United States saw an increase of 4.7 million barrels during the week ending November 6, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The increase brings commercial stockpiles to 414.4 million barrels, according to government data, which is now 4% below the five-year average for this time of year. Total commercial…
The U.S. Energy Information Administration (EIA) reported on November 6 that crude oil inventories in the United States rose by 4.7 million barrels during the week, bringing total commercial stockpiles to 414.4 million barrels. This is 4% below the five-year average for this time of year. Total commercial petroleum inventories increased by 11.4 million barrels during the reporting period.
The data release follows figures from the American Petroleum Institute (API) released a day earlier, which reported a 9.0 million barrel increase in crude oil inventories. Crude futures were trading up at $1036 per barrel, while Brent futures were up at $93.29 per barrel. For total motor gasoline, inventories increased by 1.8 million barrels after shrinking by 200,000 barrels in the previous week.
Middle distillates saw a 4.1 million barrel increase, with production decreasing to an average of 5.1 million barrels daily. Total products supplied, a proxy for U.S. oil demand, slipped to a 4-week average of 20.8 million barrels per day, up 0.9% compared to the same period last year.
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