• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 3 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 1 hour Will Uncle Sam Step Up and Cut Production
  • 7 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 16 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 16 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 12 mins Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on terrorism, wars, lopping off heads * Too late now
  • 17 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 11 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 22 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 20 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 12 hours US Petroleum Demand Strongest Since 2007
Irina Slav

Irina Slav

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

More Info

Premium Content

Oil Prices Inch Lower On Crude Inventory Build

A day after the American Petroleum Institute’s weekly inventory estimate slowed down the price decline in West Texas Intermediate, the Energy Information Administration dampened optimism by reporting a build of 4.9 million barrels in U.S. crude oil inventories for the week to November 16.

This followed an inventory build of 10.3 million barrels for the prior week, which added weight to already falling prices on the back of rising production and global economic growth skepticism.

The authority also said refinery run rates last week averaged 92.7 percent, with throughput at 16.9 million barrels daily, up from last week, and gasoline production at 10 million bpd. Distillate fuel production averaged 5.2 million bpd. This compares with 10.1 million bpd in gasoline production a week earlier and 5 million bpd in distillate fuel production.

Gasoline inventories brought some joy for oil bulls. They fell by 1.3 million barrels last week but are still above the average. Distillate fuel inventories shed 100,000 barrels in the week to November 16. This compares with a 1.4-million-barrel draw in gasoline inventories and a 3.6-million-barrel decline in distillate fuel inventories a week earlier.

Meanwhile, after yesterday oil price fell by as much as 6 percent for Brent and more for WTI after President Trump said he would stick by Saudi Arabia despite the Khashoggi affair, saying prices would be “through the roof” if the U.S. broke up with its Middle East ally.

Today, however, prices have recouped some of the losses as OPEC is talking about more production cuts less than six months after it decided to end the first cuts and begin raising production. News that India’s crude oil imports hit a seven-year high in October also helped prices inch up.

The improvement has been reluctant, however, as economic concern remains. Yesterday, IEA’s Fatih Birol said, as quoted by Reuters, the global economy remained vulnerable to shocks, which brought unprecedented uncertainty for oil markets.

By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play