2 weeks Ago By Julianne Geiger
Crude oil inventories in the United rose by 3.132 million barrels for the week ending November 1, according to The American Petroleum Institute (API). Analysts had expected a smaller build of 1.
8 million barrels. For the week prior, the API reported a 573,00-barrel dip in crude inventories. So far this year, crude oil inventories have slipped by just over 3 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 1.4 million barrels as of November 1. SPR inventories are now at 387.
2 million barrels, a figure that reflects an increase of about 39 million from its multi-decade low last summer, yet 248 million down from when President Biden took office. At 2:47 pm ET, was trading up by $0.53 (+0.
71%) on the day at $75.61—up roughly $4 per barrel loss from this time last week. The U.
S. was also trading up on the day by $0.61 (0.
85%) at $72.08—up almost $5 per barrel from last Tuesday. Gasoline inventories fell this week by 928,000 barrels on top of last week’s 282,000-barrel decrease.
As of last week, gasoline inventories are 3% below the five-year average for this time of year, according to the latest . Distillate inventories fell by 852,000 barrels, on top of last week’s 1.463-million-barrel decrease.
Distillates were already about 9% below the five-year average as of the week ending October 25, 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—rose by 1.724 million barrels, according to API data, after rising by 320,000 barrels in the previous week..
