The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a large draw of 4.8 million barrels in the week ending December 5. Crude oil inventories shrank by 2.48 million barrels in the week prior.
Crude oil inventories in the United States are so far showing a net increase of just 121,000 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 200,000 barrels to 411.9 million barrels in the week ending December 5 as the Trump Administration slowly works to replenish depleted stockpiles.
US production stayed relatively flat during the week of November 28, rebounding just slightly from 13.814 million bpd in the week prior, to 13.815 million bpd in the current, according to the latest EIA data. This is 252,000 bpd more than the beginning of the year levels.
At 3:11 pm ET, Brent crude was trading down by $0.43 (-0.69%) on the day, slipping to $62.06 per barrel—a $0.40 decline week over week. WTI was also trading down on the day, by $0.48 (-0.82%) at $58.40—a $0.20 per barrel loss week over week.
Gasoline inventories saw a sizeable increase of 7 million barrels in the week ending December 5. In the week prior, gasoline inventories grew by 3.14 million barrels. As of last week, gasoline inventories were 2% 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 1 million barrels, compared to the week prior’s 2.88-million-barrel build. Distillate inventories were 7% below the five-year average as of the week ending November 28, the latest EIA data shows.
Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—dipped by 890,000 barrels, after falling by 89,000 barrels in the prior week.
By Julianne Geiger for Oilprice.com
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