- Crude oil stocks in the US rose sharply last week.
- WTI declines below $42, clings to strong daily gains.
Crude Oil Stocks Change in the US was +4.3 million barrels in the week ending November 6th, the weekly report published by the US Energy Information Administration (EIA) revealed on Thursday. Analysts estimate was for a decrease of 0.9 million barrels.
Market reaction
The barrel of West Texas Intermediate (WTI), which climbed to a daily high of $42.16 earlier in the session, edged lower after this report and was last seen trading at $41.78, where it was still up 0.9% on a daily basis.
Additional takeaways from EIA’s Weekly Petroleum Status Report
“US crude oil refinery inputs averaged 13.4 million barrels per day during the week ending November 6, 2020, which was 105,000 barrels per day less than the previous week’s average.”
“US crude oil imports averaged 5.5 million barrels per day last week, up by 470,000 barrels per day from the previous week.”
“Total products supplied over the last four-week period averaged 19.1 million barrels a day, down by 10.7% from the same period last year.”
Share
