The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a large build of 4.4 million barrels in the week ending November 14. Crude oil inventories gained 1.3 million barrels in the week prior.
Crude oil inventories in the United States are so far showing a net gain of 9.3 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 410.9 million barrels in the week ending November 14 as the government attempts to replenish the nation’s oil stockpile that shrank during the Biden Administration.
US production rose during the week of November 7, hitting yet another record. US daily production rose to 13.862 million bpd in the reporting period, according to the EIA. This is 299,000 bpd more than the beginning of the year levels.
At 3:53 pm ET, Brent crude was trading up by $0.71 (+1.11%) on the day, rising to $64.91 per barrel. WTI was also trading up on the day, by $0.86 (+1.44%) at $60.77—a $2.30 per barrel gain week over week.
Gasoline inventories saw an increase of 1.5 million barrels in the week ending November 14, after losing 1.4 million barrels in the week prior. As of last week, gasoline inventories were 4% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose in the reporting period, gaining 600,000 barrels, compared to the week prior’s 944,000-barrel build. Distillate inventories were already 8% below the five-year average as of the week ending November 7, the latest EIA data shows.
Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—dipped by 800,000 barrels, after falling by 43,000 barrels in the prior week.
By Julianne Geiger for Oilprice.com
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