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The American Petroleum Institute (API) has announced an accumulation of crude oil inventories of 3,453 million barrels for the week ending Nov. 23, while badysts expected a much more modest increase in inventories of crude oil of 769,000 barrels.
Last week, the IPA reported a draw. This was the first draw after six weeks of consecutive builds, as reported by the API. A day later, the EIA had an alternative version of crude oil stocks, indicating an increase instead of 4.9 million barrels. Based on the EIA figures, this would be the tenth consecutive week of crude oil inventories.
These weeks and weeks of inventory build-up, combined with fears of falling demand and Washington's waivers to allow eight countries to continue to buy oil from Iran for 180 days, are pushing prices up. the decline.
Inventories at Cushing facilities in Oklahoma this week increased by 1.302 million barrels.
Prices rose slightly on Tuesday before the data release, due to growing optimism about the reduction in OPEC production after its December meeting, reaching up to 1 million or 1.5 million euros. barrels a day.
At 15:34 EST, WTI rose 0.12% (+0.06 USD) to 51.69 USD, a decrease for the week. The benchmark Brent crude was trading up 0.08% (+ $ 0.05) to $ 60.61, also down a week on the other.
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The API has announced a draw for gasoline stocks for the week ending Nov. 23 in the amount of 2,620 million barrels. Analysts had predicted a production of 640,000 barrels for the week.
According to estimates by the Energy Information Administration, US crude oil production was also bearish, showing that production for the week ending November 16 was 11.7 million bpd for a year. second week in a row.
Distillate stocks increased by 1.185 million barrels this week, compared with an anticipated draw of 857,000 b / d.
The US Energy Information Administration's report on crude oil inventories is due to be released Wednesday at 10:30 am IS.
At 4:35 pm Eastern Time, WTI was trading for the day at $ 51.90 and Brent for $ 60.77.
By Julianne Geiger for Oilprice.com
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