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API Reports Another Larger-Than-Expected Crude Draw

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Crude inventories fell another 4.8 million barrels after dropping 5.8 million barrels last week, according to data from the American Petroleum Institute (API) on Tuesday. Analysts had expected a lower draw of 2.2 million barrels.

U.S. crude inventories may have increased by about 21 million barrels so far this year, but crude stored in the country’s Strategic Oil Reserve is nearly 10 times higher than it has been this year so far, according to API data. , or 203 million barrels less.

The SPR now contains the lowest amount of crude oil since March 1984.

The decline in commercial crude oil inventories came despite the Department of Energy releasing 1.6 million barrels. strategic oil reserves Only 390.5 million barrels remain in the SPR for the week of November 18th.

The week before, API reported a significant drop in crude stocks of 5.835 million barrels.

WTI prices continued to rise in Tuesday’s report after OPEC representatives denied an earlier Wall Street Journal report that OPEC was considering a production increase of 500,000 bpd at its next meeting. Following the report, Saudi Arabia even said the group could cut production at its next meeting if market conditions warranted it. The dollar rose (+1.26%) and was trading at $81.05 per barrel. That’s a drop of more than $5 a barrel from the previous week. Brent crude rose $0.95 (+1.09%) to $88.40 for him, but it also fell more than $5 a barrel for the week.

US crude oil production remained at 12.1 million bpd in the week ending November 11th. 400,000 bpd or more It’s lower than levels seen earlier in the year and still a million bpd short of levels seen at the beginning of the pandemic.

API reported a decline in gasoline inventories this week of 400,000 barrels in the week ending Nov. 18, after a build of 1,690,000 barrels the previous week.

Distillate inventories increased by 1.1 million barrels this week, on top of last week’s increase of 850,000 barrels.

Cushing stocks fell by 1.4 million barrels in the week ending Nov. 18, adding to the 842,000 barrel decline reported last week.

Oilprice.com by Julianne Geiger

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