X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 3 hours U.S. Presidential Elections Status - Electoral Votes
  • 3 hours Texas Supply Chain Massacre
  • 2 hours America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 34 mins Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 52 mins Former BP Exec "Biden not in war against oil" . . Really ?
  • 2 days Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 2 days Speaker Pelosi, "Tear Down This Wall" . . around Capital Building
  • 4 days Retired RAF pilot wins legal challenge over a wind farm
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 Under Pressure As Oil And Gasoline Inventories Build

Oil prices fell slightly on Wednesday morning after the Energy Information Administration reported a moderate 800,000-barrel increase in crude oil inventories for the week to November 13, a day after the American Petroleum Institute estimated a 4.17-million-barrel inventory build.

The EIA estimate for last week compares with analyst expectations for a build of 1.95 million barrels, after last week the authority reported a considerable increase in inventories, at 4.3 million barrels that capped oil’s gains at the time.

In gasoline, the EIA reported an inventory build of 2.6 million barrels for the week to November 13, compared with a decline of 2.3 million barrels for the previous week. Gasoline production averaged 9.1 million bpd last week, versus 9.3 million bpd a week earlier.

In distillate fuels, the authority estimated an inventory decline of 5.2 million barrels, which compared with a hefty 5.4-million-barrel draw a week earlier. Distillate fuel production went up last week, averaging 4.3 million bpd.

Oil has been trending higher overall since last week after Pfizer announced potentially promising early results from its Phase 3 vaccine trial. This week, Moderna followed suit, announcing potentially strong efficacy results from its own late-stage vaccine trial.

In further support for oil prices, OPEC+ agreed it may be best to extend the current level of production cuts—7.7 million bpd—until at least the end of March 2021, although a longer extension, until the end of June, was also discussed.

Despite the strong support from vaccine makers and OPEC+, API’s weekly inventory estimate came as an unpleasant surprise, after analysts had expected a much more moderate inventory build of 1.7 million barrels. As a result, prices slipped following the API.

At the time of writing, Brent crude traded at $44.51 a barrel and West Texas Intermediate traded at $42 a barrel, both slightly up from opening.

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