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Crude Inventory Data Shows Build of 1 Million Barrels Last Week
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending November 5, 2021 which was 343,000 barrels per day more than the previous week’s average. Refineries operated at 86.7% of their operable capacity last week. Gasoline production decreased last week, averaging 10.1 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.1 million barrels per day last week, down by 63,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels ... (full story)
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WTI Holds Losses After Official Data Shows Crude Inventory Build
Oil prices are lower this morning, after a brief jump following last night's API-reported surprise crude draw. The weakness followed a U.S. government report which forecast oversupply next year, cooling expectations of an immediate emergency stock release. The U.S. government projected that the global market will become oversupplied and prices will fall by early next year. API • Crude -2.485mm (+1.6mm exp) • Cushing • Gasoline -552k (-1.2mm exp) • Distillates +573k (-1.1mm exp) DOE • Crude +1.002mm (+1.6mm exp) • Cushing -34k • Gasoline -1.555mm (-1.2mm exp) • Distillates -2.613mm (-1.1mm exp) While ... (full story)