• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 18 mins US Military Spend at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 10 mins Climate Change Protests
  • 2 mins U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 15 hours Oil at $40
  • 3 mins "Undeniable" Shale Slowdown?
  • 12 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 18 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 8 hours Ecoside
  • 6 hours Japan’s Deflation Mindset Could Be Contagious
  • 17 hours Gas Flaring
  • 17 hours Negative Gas Prices in the Permian
  • 21 hours Not Just Nuke: Cheap Solar Panels Power Consumer Appliance Boom In North Korea
  • 21 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
U.S. Greenlights Two Major LNG Export Projects

U.S. Greenlights Two Major LNG Export Projects

The U.S. Federal Energy Regulatory…

Oil Prices Sink On Surprise Inventory Build

rig

The American Petroleum Institute (API) reported a crude oil inventory build of 5.36 million barrels for the week ending November 30, compared to analyst expectations of a draw in crude oil inventories of 2.267 million barrels.

Last week, the API reported a build of over 3 million barrels. A day later, the EIA had confirmed the build.

Leading up to today’s data release from the API, crude oil prices were trading modestly up at 1:08pm EST, with WTI up $0.17 (+0.32%) at $53.12 and Brent crude up $0.37 (+0.60%) at $62.06. This was due to various OPEC players, including Russia, giving new hope that a production cut may be reached this weekend, and that the production cut could be as much as 1.4 million bpd.

Inventories in the Cushing, Oklahoma facility this week had climbed by 1.44 million barrels.

The API reported a build in gasoline inventories for the week ending November 30 in the amount of 3.61 million barrels. Analysts had predicted a build of 1.333 million barrels for the week.

US crude oil production as estimated by the Energy Information Administration was also bearish in nature, showing that production for the week ending November 23 stood 11.7 million bpd for a third week in a row.

Distillate inventories were up this week by 4.32 million barrels, compared to an expected build of 1.600 million barrels.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Thursday at 11:00a.m. EST, delayed one day in observation of the George H.W. Bush Memorial Service Day on Wednesday.

By 4:40pm EST, WTI was trading up for the day at $52.61 and Brent was trading up at $61.43.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • C on December 04 2018 said:
    Thanks J, always informative. Surprise build, thought we were due for a draw down. This wont ge good for markets but will lead to bigger OPEC cut, which is good to balance markets and keep the econ party alive. Super cycle another 25 years here we go.
  • C on December 04 2018 said:
    Thanks J, always informative. Surprise build, thought we were due for a draw down. This wont ge good for markets but will lead to bigger OPEC cut, which is good to balance markets and keep the econ party alive. Super cycle another 25 years here we go.
  • C on December 04 2018 said:
    Thanks J, always informative. Surprise build, thought we were due for a draw down. This wont ge good for markets but will lead to bigger OPEC cut, which is good to balance markets and keep the econ party alive. Super cycle another 25 years here we go.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News