Crude Inventories See Another Build

Crude oil inventories in the United States rose again this week, adding 1.335 million barrels into inventory for week ending November 10, according to The American Petroleum Institute (API), after a 11.9-million-barrel rise in crude inventories in the week prior, API data showed. Analysts had expected a 1.4 million barrel build.

API data now shows a net build in crude oil inventories in the United States of 11.9 million barrels so far this year.

On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) stayed the same for the sixth week in a row, with the SPR inventory still sitting at a near 40-year low of 351.3 million barrels, with total purchases for the SPR coming in at less than 4 million barrels since the Biden Administration began its buyback program.

Oil prices were trading down ahead of API data release, with Brent trading down 0.06% at $82.47 at 4:03 p.m. ET—a roughly $0.70 increase week over week. The U.S. benchmark WTI was trading down on the day by 0.01%, at $78.25. WTI is up nearly $0.75 per barrel from this same time last week.

Gasoline inventories rose this week by 195,000 barrels, partially offsetting the 400,000 barrel decrease in the week prior. Distillate inventories fell this week, by 1.022 million barrels, on top of the 2.0-million-barrel draw in the week prior, while Cushing rose by 1.136 million barrels.

By Julianne Geiger for Oilprice.com

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