U.S. crude oil inventories increased by 1.232 million barrels for the week ending November 22, according to data from the American Petroleum Institute (API). This came as a surprise, as analysts had predicted a decrease of 2.06 million barrels.
The previous week, the API reported a larger build in inventories, with an increase of 4.753 million barrels.
Since the start of the year, U.S. crude oil inventories have dropped by just over 4 million barrels, based on API data.
Meanwhile, the Department of Energy (DoE) reported a rise of 1.4 million barrels in the Strategic Petroleum Reserve (SPR) as of November 29. The SPR now holds 391.8 million barrels, which is about 45 million barrels above its lowest level last summer. However, it remains 243 million barrels below the level when President Biden took office.
At 2:58 pm ET, Brent crude was up by $1.85, or 2.58%, trading at $73.68. This represents an increase of about $1 compared to last Tuesday. Market rumors suggest that OPEC+ will maintain its production cuts, alleviating concerns that the market might soon face a surge in supply if the group eases its production plans. The U.S. benchmark, West Texas Intermediate (WTI), was also up by $1.93, or 2.83%, at $70.03, rising by about $1.50 from last week.
In product inventories, gasoline stocks increased by 4.623 million barrels this week, following a 1.814-million-barrel rise the previous week. Despite the gains, gasoline inventories are still 3% below the five-year average for this time of year, according to the latest data from the U.S. Energy Information Administration (EIA).
Distillate inventories rose by 1.014 million barrels, after last week’s 2.543-million-barrel increase. As of November 22, distillate inventories were about 5% below the five-year average.
Cushing, Oklahoma—the delivery point for U.S. crude futures—saw an increase in inventories of 112,000 barrels, according to API data. This follows a decline of 734,000 barrels in the previous week.
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