US oil inventories rise less than expected

Wednesday, November 10, 2021 - 18:01
Point Trader Group
US oil inventories rise less than expected

The US Energy Information Administration said on Wednesday that US crude oil inventories rose last week as refinery production increased, while gasoline and distillate inventories decreased.

Oil price transactions

Oil prices interacted with US data today, as oil prices fell during today's trading session, Wednesday, November 10, as Brent crude fell by more than 2.7%, to trade as low as $83 a barrel.

Texas crude also declined by more than 3.5% to trade at $81.6 levels.

Oil stocks are less than expected

Crude stocks rose 1 million barrels in the week ending November 5, compared to analyst expectations for an increase of 2.1 million barrels.

The Energy Information Administration said crude stocks at the delivery center in Cushing, Oklahoma, fell 34,000 barrels.

The administration's data showed an increase in crude consumption in refineries by 343 thousand barrels per day, and refinery operating rates increased by 0.4%.

While gasoline stocks fell by 1.6 million barrels, compared to analyst expectations in a Reuters poll, down by 1.2 million barrels.

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