Crude Inventories Fall By 1.8 Million Barrels; WTI Oil Settles Near $69.00

On November 27, 2024, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories declined by 1.8 million barrels from the previous week, compared to analyst consensus of -1.1 million barrels. At current levels, crude inventories are about 5% below the five-year average for this time of the year.

Total motor gasoline inventories increased by 3.3 million barrels, compared to analyst forecast of +0.2 million. Distillate fuel inventories increased by 0.4 million barrels from the previous week.

U.S. crude oil imports declined by 1.6 million bpd from the previous week, averaging 6.1 million bpd. Over the past four weeks, crude oil imports averaged 6.6 million bpd.

Strategic Petroleum Reserve increased from 389.2 million barrels to 390.4 million barrels as U.S. continued to buy oil for strategic reserves.

Domestic oil production increased from 13.2 million bpd to 13.5 million bpd as production recovered after disruptions.

WTI oil  is mostly flat as traders react to the EIA report. Currently, WTI oil is trying to settle back above the $69.00 level.

Brent oil settled near the $73.00 level after the release of the EIA report. In the near term, oil traders will stay focused on the situation in the Middle East to see whether Israel – Hezbollah ceasefire deal holds.

For a look at all of today’s economic events, check out our economic calendar.