Crude Inventories Rise By 2.1 Million Barrels, Exceeding Analyst Estimates

On November 14, 2024, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories increased by 2.1 million barrels from the previous week, compared to analyst consensus of +1.85 million. At current levels, crude inventories are about 4% below the five-year average for this time of the year.

Total motor gasoline inventories declined by 4.4 million barrels, compared to analyst forecast of +1 million barrels. Distillate fuel inventories declined by 1.4 million barrels from the previous week.

Crude oil imports increased by 269,000 bpd, averaging 6.5 million bpd. Over the past four weeks, crude oil imports averaged 6.3 million bpd.

Strategic Petroleum Reserve increased from 387.2 million barrels to 387.8 million barrels as U.S. continued to buy oil for reserves.

Domestic oil production declined from 13.5 million bpd to 13.4 million bpd due to hurricane-related disruptions.

WTI oil  made an attempt to settle above the $69.00 level as traders reacted to the EIA report. Falling gasoline inventories may provide additional support to oil markets in today’s trading session.

Brent oil tested the $73.00 level as traders focused on the EIA data. It should be noted that the decrease in U.S. domestic oil production is temporary, although it may serve as a positive catalyst for oil markets in the near term.

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