EIA Data Shows Builds in Crude, Gasoline and Distillates

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Crude oil inventories in the United States saw an increase of 4.7 million barrels during the week ending November 6, according to new data from the U.S. Energy Information…

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Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…

Crude oil inventories in the United States saw an increase of 4.7 million barrels during the week ending November 6, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The increase brings commercial stockpiles to 414.4 million barrels, according to government data, which is now 4% below the five-year average for this time of year.

Total commercial petroleum inventories increased by 11.4 million barrels during the reporting period.

The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had risen by 9.0 million barrels in the period.

Crude futures were trading up at 10:36 a.m. in New York. Brent futures were trading up at $93.29 per barrel—up $0.53 (+0.57%) on the day but down roughly $7.50 per barrel from last Wednesday. WTI was trading down on the day, by $0.22 per barrel (-0.25%) on Thursday morning at $86.31, down nearly $7.50 per barrel since last Wednesday.

For total motor gasoline, the EIA reported that inventories increased 1.8 million barrels after shrinking by 200,000 barrels in the week prior. The most recent figures showed that average daily gasoline production decreased to 9.6 million barrels. For middle distillates, inventories grew by 4.1 million with production decreasing to an average of 5.1 million barrels daily. Distillate inventories are now 8% below the five-year average.

Total products supplied—a proxy for U.S. oil demand—slipped to a 4 week average of 20.8 million barrels per day over the last four weeks, up 0.9% compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day over the last four weeks, with the distillate four-week average supplied at 3.9 million barrels—up 4.2% year over year.

Julia…

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