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OPEC+ Rules in an Increasingly Tight Oil Market

OPEC+ Rules in an Increasingly Tight Oil Market

The market is growing increasingly…

Oil Prices Slip As Oil And Product Inventories Continue To Build

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 1.141 million barrels for the week ending December 4.

Analysts had predicted an inventory draw of 1.514 million barrels for the week.

In the previous week, the API reported a build in oil inventories of 4.146-million barrels, after analysts had predicted draw instead, of 2.358 million barrels.

Brent crude was slightly up on Tuesday afternoon before the data release, but WTI was trading down. Oil prices remain under pressure from extended lockdowns in many places in the United States, while crude inventories in the United States are still high for this time of year.

In the runup to Tuesday's data release, at 1:27 p.m. EDT, WTI had fallen by $0.09 (-0.20%) to $45.67 up roughly $1 per barrel on the week. The Brent crude benchmark had risen—just slightly—on the day by $0.07 at that time (+0.20%) to $48.89—up about $1.50 per barrel on the week.

U.S. oil production was up 100,000 bpd for the week ending November 27, at 11.1 million bpd, according to the Energy Information Administration—2.0 million bpd lower than the all-time high of 13.1 million bpd reached in March.

The API reported a large build in gasoline inventories of 6.442 million barrels of gasoline for the week ending December 4—compared to the previous week's 3.402-million-barrel build. Analysts had expected a 2.933-million-barrel build for the week.

Distillate inventories were up by 2.316 million barrels for the week, compared to last week's 334,000-barrel increase, while Cushing inventories fell by 1.845 million barrels.

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At 4:34 p.m. EDT, the WTI benchmark was trading at $45.64, while Brent crude was trading at $48.89.

By Julianne Geiger for Oilprice.com

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  • George Doolittle on December 08 2020 said:
    Pricing power for oil and respective distillate fuels such as diesel fuel, propane and gasoline has been truly awesome despite these massive builds...builds which are normative for this time of Year and I expect to be confirmed by tomorrow's EIA report.

    This is hugely bullish news for the entire beaten down US energy sector and given the raging bull market as context I would expect oil, oil refining, pipeline, natural gas and lng stocks to soar in value tomorrow.

    Long $clr Continental Resources
    Strong buy

    Unsurprisingly $fuv Arcimoto which makes an all battery electric 3 wheeled 2 person enclosed motorcycle soared today. Tesla as well soared to an all time closing high despite a massive dilution of $5 billion US Dollars to pay down debt amongst other things I imagine.

    No mercy for anyone short this raging bull market in the least and we haven't even had our "Santa Claus rally" yet...but it sure feels that way.

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