Crude oil inventories in the United States dropped by 777,000 barrels for the week ending November 1, according to data from the American Petroleum Institute (API). Analysts had predicted a rise of 1.0 million barrels.
This follows a significant increase in crude inventories the previous week, when the API reported a 3.132-million barrel gain.
Year-to-date, U.S. crude oil inventories have decreased by nearly 4 million barrels, based on API data.
Meanwhile, the U.S. Department of Energy (DoE) reported on Tuesday that crude oil stocks in the Strategic Petroleum Reserve (SPR) increased by 600,000 barrels as of November 8. The SPR now holds 387.8 million barrels, which is approximately 41 million barrels higher than the record low seen last summer, but still 247 million barrels below levels when President Biden took office.
As of 4:21 p.m. ET, Brent crude oil was down $0.03 (-0.04%) at $71.86 per barrel, a drop of nearly $4 from the previous Tuesday. The U.S. benchmark, West Texas Intermediate (WTI), also saw a decrease, down $0.14 (-0.21%) at $67.98—about $4 lower than last Tuesday.
In other inventory news, gasoline stocks rose by 312,000 barrels, following a decline of 928,000 barrels the previous week. However, gasoline inventories remain 2% 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 increased by 1.136 million barrels, recovering from a 852,000-barrel drop the previous week. Despite the rise, distillates are still about 6% below the five-year average, based on EIA data for the week ending November 1.
Additionally, stocks at Cushing, Oklahoma—the primary delivery point for U.S. crude oil futures—fell by 1.859 million barrels. This follows a 1.724-million barrel increase the prior week, according to API data.
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