• 3 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 minutes Forecasts for Natural Gas
  • 14 minutes NordStream2
  • 4 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days China's aggression is changing the nature of sovereignty.
  • 1 hour Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 2 days Ukrainian Maidan after 8 years
  • 3 days OPEC+ Expects Large Oil Glut In Early 2022
  • 2 days Delta variant in European Union
  • 3 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 42 mins President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 3 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 4 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 1 day Сryptocurrency predictions
  • 3 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 4 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
California Is Addicted To Oil From The Amazon

California Is Addicted To Oil From The Amazon

California is regarded as America’s…

Canada's Ambitious New Plan To Save Its Oil Sands

Canada's Ambitious New Plan To Save Its Oil Sands

Canada is looking to harness…

Saudi Arabia Hikes Oil Prices Despite Omicron Fears

Saudi Arabia Hikes Oil Prices Despite Omicron Fears

Amid heightened worry about the…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Markets Unimpressed By Small Crude Inventory Build

Crude oil inventories rose last week, while gasoline inventories declined, the Energy Information Administration said on Wednesday.

The EIA has reported that crude oil inventories increased by 1 million barrels for the week to November 19.

At 434 million barrels, the authority said, crude oil inventories were still 7 percent below the five-year average for this time of year.

The reported draw compares with a draw of 2.1 million barrels for the previous week and analyst expectations of a 481,000-barrel draw

For gasoline, the EIA reported an inventory decline of 600,000 barrels for the week ending November 19, which compared with a draw of 700,000 barrels for the previous week.

Gasoline production averaged 10.1 million bpd last week—an increase from the 9.9 million bpd produced in the prior week.

In middle distillates, the EIA data showed an inventory draw of 2.0 million barrels for the seven days to November 19, with production averaging 4.8 million bpd.

This compared with a stock draw of 800,000 barrels for the previous week and average daily production of 4.8 million barrels.

Refineries processed 15.6 million bpd last week, and imports of crude stood at 6.2 million bpd. This compared to refinery runs of 15.4 million bpd and imports of 6.2 million bpd for the previous week.

The announced release of 50 million barrels from the United States Strategic Petroleum Reserves to bring down gasoline prices has had little effect on the price of crude oil so far. The barrels will not be released—in the form of an exchange—until next month.

At 9:00 a.m., prior to the EIA’s data release, WTI crude was trading at $78.43, down just $0.07 (-0.09%) on the day. Brent crude was trading at $82.23, down $0.08 (-0.10%) on the day.

Shortly after data release, WTI was trading up 0.03% at $78.52.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News