API Reports Sizeable Crude Oil Build

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a sizeable build of 6.5 million barrels in the week ending October 31.

Crude oil inventories in the United States are so far showing a net gain of 3.6 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 500,000 barrels to 409.6 million barrels in the week ending October 31 as the government attempts to replenish the nation’s oil stockpile that shrank during the Biden Administration.

US production rose during the week of October 24, to 13.644 million bpd, according to the EIA. This is 109,000 bpd more than the beginning of the year levels, and a new record based on EIA reported weekly data.

At 1:07 pm ET, Brent crude was trading down, by $0.30 (-0.46%) on the day, reaching $64.59. Brent prices have recovered just $0.30 per barrel from this time last week. WTI was also trading down on the day, by $0.29 (-0.48%) at $60.76.

Gasoline inventories saw a large decrease of 5.653 million barrels in the week ending October 31, after losing 6.3 million barrels in the week prior. As of last week, gasoline inventories were 3% below the five-year average for this ti

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