Crude Inventories Rise By 2.1 Million Barrels, Exceeding Analyst Expectations

On November 6, 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 +1.8 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 0.4 million barrels, compared to analyst forecast of -1.2 million barrels. Distillate fuel inventories grew by 2.9 million barrels from the previous week.

Crude oil imports increased by 265,000 bpd, averaging 6.2 million bpd. Over the past four weeks, crude oil imports averaged 6.0 million bpd.

Strategic Petroleum Reserve increased from 385.8 million barrels to 387.2 million barrels as U.S. continued to buy oil for strategic reserves.

Domestic oil production remained unchanged at 13.5 million bpd. Rising U.S. domestic oil production has served as a bearish catalyst for oil markets in recent months.

WTI oil moved higher as traders reacted to the EIA report. Currently, WTI oil is trying to settle above the $72.30 level. Oil markets have been volatile today as traders reacted to Trump’s victory.

Brent oil  climbed above the $75.50 level after the release of the EIA report.

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