Official report: US crude inventories suddenly rise and fuel falls

News
Thursday, November 12, 2020 - 17:22
Point Trader Group
Official report: US crude inventories suddenly rise and fuel falls

US inventories of crude oil rose unexpectedly last week, while gasoline and distillate stocks fell, the US Energy Information Administration said Thursday.

Crude inventories increased by 4.3 million barrels in the week ending on Nov. 6, while analysts in a Reuters poll expected a drop of 913,000 barrels.

Crude stocks fell at the delivery point in Cushing, Oklahoma, by 518,000 barrels last week.

Crude consumption by refineries decreased by 105 thousand barrels per day over the course of the week.

US gasoline stocks fell by 2.3 million barrels, while analysts in a Reuters poll expected a decline of no more than 263,000 barrels.

Distillate stocks, which include diesel and heating oil, fell by 5.4 million barrels, while a decline of 1.9 million barrels was expected.

Net US crude imports fell 30,000 barrels per day last week, the Energy Information Administration said.


Related Topics

REQUEST A CALL BACK

We Are Always Ready To Help You

YOU CAN TRUST POINT

For Expert Financial Advice