The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a draw of 2.48 million barrels in the week ending November 28. Crude oil inventories shed 1.9 million barrels in the week prior.
Crude oil inventories in the United States are so far showing a net gain of 4.9 million barrels for the year, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 300,000 barrels to 411.7 million barrels in the week ending November 28 as the government attempts to replenish the nation’s oil stockpile that shrank during the Biden Administration.
US production dipped slightly during the week of November 21, the third drop in as many weeks. US daily production eased further to 13.814 million bpd in the reporting period, according to the EIA. This is 251,000 bpd more than the beginning of the year levels.
At 4:33 pm ET, Brent crude was trading down by $0.73 (-1.16%) on the day, slipping to $62.44 per barrel—nearly flat week over week. WTI was also trading down on the day, by $0.70 (-1.18%) at $58.62—a $0.70 per barrel gain week over week.
Gasoline inventories saw an increase of 3.14 million barrels in the week ending November 28. In the week prior, gasoline inventories grew by 500,000 barrels. As of last week, gasoline inventories were 3% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories also rose in the reporting period, gaining 2.88 million barrels, compared to the week prior’s 800,000-barrel build. Distillate inventories were 5% below the five-year average as of the week ending November 21, the latest EIA data shows.
Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—dipped by 89,000 barrels, after falling by 300,000 barrels in the prior week.
By Julianne Geiger for Oilprice.com
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