The American Petroleum Institute estimated a 9.0 million barrel rise in US crude oil inventories for the week ending November 6, reversing the prior week's draw. Distillate stocks also built, while Brent and WTI traded lower.
The American Petroleum Institute (API) estimated that US crude oil inventories rose by 9.0 million barrels in the week ending November 6. A week earlier, inventories had fallen by 5.267 million barrels.
SPR draws keep commercial stocks in check
Commercial crude oil inventories excluding the SPR have lost more than 54 million barrels over the last 30 weeks, and 3 million over this year, according to API data. Draws from the SPR have kept that figure in check in part.
For the week ending November 6, 2.7 million barrels left the SPR, bringing its total to 279.5 million barrels, 434 million barrels shy of maximum capacity. The generally accepted operational minimum is between 250-300 million barrels, below which the reserve may find it difficult to pump and process oil efficiently.
Record US output as Brent and WTI trade lower
US production for the week ending Oct 30 reached a new record of 14.003 million bpd, up from 13.992 million bpd in the week prior and up 352,000 bpd from a year ago.
At 4:24 pm ET on Wednesday, Brent crude was trading down on the day at $91.96 (-0.66%). That is more than $12 per barrel below its level at this time last week. WTI also fell $0.48 per barrel (-0.55%) to $86.37, roughly $11 per barrel lower than a week ago.
Fuel stocks and Cushing
Gasoline inventories rose by 4 thousand barrels in the week ending November 6, after a 1.427 million barrel rise the week before. Distillate inventories built by 1.5 million barrels, compared with 270,000 barrels lost in the prior week.
Cushing, the delivery hub for WTI futures, gained 182,000 barrels after adding 511,000 barrels in the previous week.
Source: Investing.com
Trading involves risk.
Risk Disclaimer
