Surprise Crude Oil Build Pressures Prices

By Julianne Geiger
click here to read this article at Oilprice.com
*this article was not written by Roseland Oil & Gas

Crude oil inventories in the United rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.

For the week prior, the API reported a 1.232-million barrel build in crude inventories.

So far this year, crude oil inventories have fallen by roughly 3.4 million barrels since the beginning of the year, according to API data.

On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of December 6. SPR inventories are now at 392.5 million barrels, a figure that is about 46 million above its multi-decade low last summer, yet still 242 million down from when President Biden took office.

At 3:11 pm ET, Brent crude was trading down $0.08 (-0.11%) on the day at $72.06—down roughly $1.60 per barrel compared to last Tuesday. The U.S. benchmark WTI was trading up on the day by $0.08 (+0.12%) at $68.45—up about $1.50 per barrel from last Tuesday.

Gasoline inventories rose this week by 2.852 million barrels on top of last week’s 4.623-million-barrel increase. As of last week, gasoline inventories are 4% below the five-year average for this time of year, according to the latest EIA data.

Distillate inventories rose by 2.452 million barrels, after last week’s 1.014-million-barrel increase. Distillate inventories were about 5% below the five-year average as of the week ending November 29, the latest EIA data shows.

Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell by 1.517 million barrels, according to API data, after rising by 112,000 barrels in the previous week.

By Julianne Geiger
click here to read this article at Oilprice.com
*this article was not written by Roseland Oil & Gas