RTTN: U.S. Crude Oil Inventories Dip Last Week - EIA
Crude oil and gasoline inventories in the U.S. moved down during the week ended November 16, official data showed Wednesday.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 1.50 million barrels to 374.50 million barrels last week, but are well above the upper limit of the average range for this time of year.
The week before, crude oil inventories increased 1.10 million barrels to 375.90 million barrels.
Moreover, total motor gasoline inventories moved down by 1.50 million barrels last week, after decreasing by 0.40 million barrels in the prior week, and are in the lower half of the average range.
Analysts were expecting crude oil inventories to gain by 1.00 million barrels and gasoline stocks to add 1.25 million barrels last week
Late Tuesday, data from the API revealed that U.S. crude oil inventories shed 1.90 million barrels and gasoline stocks down 4.80 million barrels in the week ended November 16.
Oil refinery inputs averaged about 14.90 million barrels per day during the week, which were 277,000 barrels per day above the previous week's average as refineries operated at 87.50 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged about 7.80 million barrels per day last week, down by 102,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 7.90 million barrels per day, which were 721,000 barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for January delivery are adding $0.75 to $87.50 a barrel.
