Crude oil inventories in the United States increased by 2.8 million barrels during the week ending November 21, after losing 3.4 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 426.9 million barrels according to government data, which is 4% below the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories fell by 1.9 million barrels.
Crude prices were trading down on Wednesday morning. At 10:29 a.m. in New York, Brent was trading at $62.34 per barrel—down $0.14 (-0.22%) on the day, which is also down week over week. WTI was also trading down, by $0.02 per barrel (-0.03%) in early morning trade.
For total motor gasoline, the EIA reported that inventories had increased by 2.5 million barrels, after gaining 2.3 million barrels in the week prior. The most recent figures showed average daily gasoline production increasing to 9.6 million barrels. For middle distillates, inventories increased by 1.1 million barrels, with production increasing by 87,000 barrels daily to an average of 5.0 million barrels daily. Distillate inventories are now 5% below the five-year average for this time of year.
Total products supplied over the last four weeks slipped to 20.4 million barrels per day, down 0.1% compared to the same period last year. Gasoline demand averaged 8.8 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.7 million barrels—down by 0.2 percent year over year.
By Julianne Geiger for Oilprice.com
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