• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 9 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
China’s Covid Conundrum

China’s Covid Conundrum

China’s zero-Covid policy has been…

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 Drop As Gasoline Inventories Build

Crude oil inched down today after the Energy Information Administration reported an inventory draw of 900,000 barrels for the week to November 26. Fuel inventories, however, added a substantial amount.

At 433.1 million barrels, the authority said, crude oil inventories in the United States remain below the five-year seasonal average.

Last week’s inventory move compares with a modest build of 1 million barrels for the previous week and a 2.1-million-barrel draw for the week before that.

In gasoline, the EIA estimated an inventory increase of 4 million barrels for Thanksgiving week, which compared with a decline of 600,000 barrels for the previous week and another draw, of 700,000 bpd for the week before that.

Gasoline production last week stood at an average of 9.6 million bpd, compared with 10.1 million bpd in the previous week.

In middle distillates, the EIA estimated a stock build of 2.2 million barrels for the week to November 26, which compared with a draw of 2 million barrels for the previous week.

Middle distillate production last week averaged 4.9 million bpd, which compared with 4.8 million bpd for the week earlier.

Refinery runs averaged 15.6 million bpd last week, which was almost unchanged on the previous week.

Oil prices slumped on Tuesday after the chief executive of Moderna said in an interview for the Financial Times that vaccine efficiency was questionable against the new omicron variant fresh out of Africa. This sparked intensified concern about the effect of the new coronavirus variant on the world’s economic recovery and, consequently, oil demand.

Most investment banks remain bullish in crude, however, with the exception of Deutsche Bank, which this week in a note said it expected oil prices to drop in the first quarter of 2022 despite the possibility of OPEC+ pausing its production boost plan.

At the time of writing, Brent crude was trading at $71.44 a barrel, with West Texas Intermediate at $68.23 a barrel.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • George Doolittle on December 01 2021 said:
    Vaccine "efficacy" not efficiency but yes some context as to why the massive US refining Industry is running flat out at the moment might help explain what is a very dynamic if hardly unpredicted situation of "China collapse with knock-on effects."

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News