US commercial crude inventories rose 4.7 million barrels in the week ending November 6, the EIA reported. Gasoline and distillate stocks also built, while WTI and Brent trade about $7.50 below last Wednesday's levels.
US crude oil inventories rose 4.7 million barrels during the week ending November 6, according to the Energy Information Administration (EIA). The build lifts commercial stockpiles to 414.4 million barrels, which is 4% below the five-year average for this time of year.
Total commercial petroleum inventories added 11.4 million barrels over the same period. The EIA release follows API figures from a day earlier, which reported a 9.0 million barrel rise in crude inventories.
Oil futures sit about $7.50 below last week
On Thursday morning, Brent futures traded at $93.29 per barrel, up $0.53 (+0.57%) on the day. That is down roughly $7.50 per barrel from last Wednesday.
WTI moved the other way on the day. It traded at $86.31, down $0.22 (-0.25%), and has fallen nearly $7.50 per barrel since last Wednesday.
Gasoline and distillates build too
Motor gasoline inventories increased 1.8 million barrels after shrinking by 200,000 barrels the week before. Average daily gasoline production decreased to 9.6 million barrels.
Middle distillate inventories grew by 4.1 million barrels, while production decreased to an average of 5.1 million barrels daily. Distillate stocks now stand 8% below the five-year average.
Total products supplied, a proxy for US oil demand, averaged 20.8 million barrels per day over the last four weeks, up 0.9% from the same period last year.
Source: Oilprice.com
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