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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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EIA’s Inventory Report May Halt Oil’s Post-Election Rally

A few hours after Donald Trump won the presidential election, the Energy Information Administration (EIA) reported a build of 2.4 million barrels of crude in U.S. commercial inventories. Total inventories reached 485 million barrels in the week to November 4.

Last week, the EIA shook markets by saying inventories had risen by 14.4 million barrels – the highest in over three decades. However, that build lost a lot of its significance after ClipperData noted that much of it came thanks to a correction in the reporting of import data.

Yesterday, the American Petroleum Institute reported an increase of 4.4 million barrels in crude oil inventories, higher than analyst expectations. The estimate, however, did not do much damage to crude oil prices, which inched down temporarily but later recovered.

In the seven days to November 4, the EIA said, refineries processed 15.8 million barrels of crude daily, producing 10.5 million barrels of gasoline and 4.8 million barrels of distillate, both up on the previous week.

Gasoline inventories last week fell by 2.8 million barrels. The API had predicted s 3.6-million-barrel draw.

After the Republican win of the presidential vote, benchmark oil prices quickly recovered the losses registered on voting day, and even started climbing up.

However, volatility remains high, especially in light of the latest remarks by OPEC’s secretary-general Mohammed Barkindo, who yesterday said that if the organization does not reach a production cut deal at the end of this month, international oil markets will face further instability.

At the time of writing, WTI was trading at US$44.77 a barrel, down 0.47 percent, and Brent, the international benchmark was at US$45.88, down 0.35 percent.

By Irina Slav for Oilprice.com

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  • Jack Ma on November 09 2016 said:
    The EIA will now be ordered by Trump to report real oil supply and not the fake paper oil supply numbers which are a farce and used to drive down prices and drive down Russia. Honesty in reporting will be the new way forward and oil prices will no longer be used as a weapon. Russia is not our enemy and the threat of nuclear war just diminished. Good will always defeat evil.

    Warmest regard to all.
  • chris handke on November 09 2016 said:
    If you believe that was a bearish report than it is pretty obvious that you are not qualified to post your analysis.

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