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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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Oil Prices Rise As EIA Report Adds To OPEC Optimism

A day after crude slid on API’s report of a 2.68-million-barrel build in gasoline inventories in the U.S., the EIA injected a modest amount of optimism into markets by reporting a 1.3-million-barrel decline in crude oil stockpiles for the week to November 18.

Last week, the EIA reported an increase in crude oil inventories of 5.3 million barrels, which failed to have any big effect on prices, which were still riding the wave of the U.S. presidential election results from the previous week.

This week, a Bloomberg poll had crude oil inventories up by 1 million barrels, after the API estimated 1.28 million barrel draw yesterday.

According to the EIA, at 489 million barrels, crude oil stockpiles are at the upper limit for this time of year. Gasoline inventories were up by 2.3 million barrels in the week to November 18, largely confirming API data.

Refineries processed 16.4 million barrels of crude daily, a 271,000-barel increase on the week, producing 9.7 million barrels of gasoline and 5.1 million barrels of distillate.

The EIA’s figures, upbeat as they may seem, are again not very likely to push prices strongly in any direction as markets are holding their breath for the final OPEC meeting, due to take place next Wednesday. Related: Obama Scraps Arctic Drilling Ahead Of Trump Presidency

It’s hard to tell which end is up, with the Technical Committee appointed by the cartel signaling the negotiations on the individual production quotas for each OPEC member were “going well,” while Iraq and Iran hold fast—although the situation is extremely fluid.

It’s worth remembering that the committee has no power to impose quotas; it can only make a recommendation on how the production cap that is being discussed will be implemented.

At 10:20AM EST, Brent crude was trading at US$48.96 a barrel and WTI was at US$47.79 a barrel.

By Irina Slav for Oilprice.com

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Leave a comment
  • Jack Ma on November 23 2016 said:
    The EIA counts 400 million paper oil barrels in it's supply numbers. Do you realize what has happened? Based on this extreme lie used to drive down oil prices to collapse Russia, real oil companies have been forced to cut cap x buy .5 trillion dollars. Do you realize the serious oil shortage on the way and the price spikes that will follow. Wow. IMHO
  • KR55 on November 23 2016 said:
    Lots of stranded shorts that bought the $37.5 WTI pump that seemed to spread like wildfire. I would expect them to try to average shorts up for one last shot at covering near costs.
  • PaulApp on November 23 2016 said:
    U.S. is beginning to ship more oil and gas to the Middle East and around the world that bypass the storage in the US.

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