US Crude Oil Inventories

Despite Wednesday’s EIA report and tariff news, WTI Crude Oil futures are quiet. Bob Iaccino explains.

The Energy Information Administration (EIA) reported a crude inventory increase of 0.545 million barrels, beating forecasts but still indicating a slowing demand trend. Moreover, the American Petroleum Institute (API) highlighted a much larger buildup of 4.753 million barrels, far exceeding expectations. Despite these numbers, market attention has shifted to escalating tensions between Russia and Ukraine, overshadowing the potential bearish impact of the stockpile data. WTI crude oil (CL) consolidates around $69, while Brent oil ...

Oil steadied as US crude stockpiles expanded for a third week, with traders monitoring an escalation of the war in Ukraine. West Texas Intermediate traded near $69 a barrel after closing 0.7% lower on Wednesday, while Brent settled below $73. US crude inventories rose by 545,000 barrels last week, according to government data. The volume was significantly smaller than figures flagged by an industry report. Oil has swung between gains and losses since mid-October, buffeted by a range of factors including signs of ample supply and a ...

WTI Crude Oil futures dip into negative territory after the EIA report shows an unexpected build. Phillip Streible has more.

In an oil and gas market note sent to Rigzone late Monday by the Macquarie team, Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be down 1.2 million barrels for the week ending November 15. “This compares to our early look for the week which anticipated a 4.3 million barrel build, and a 2.1 million barrel build realized for the week ending November 8,” the strategists said in the note. “While our crude balance appears significantly tighter than our initial expectations, on an aggregate basis, ...

U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending November 8, 2024, which was 175 thousand barrels per day more than the previous week’s average. Refineries operated at 91.4% of their operable capacity last week. Gasoline production increased last week, averaging 10.3 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by 269 thousand barrels per day ...