- Crude oil stocks in the US rose sharply last week.
- WTI dips below $ 42 level, clinging to strong daily gains.
The change in US crude oil stocks was +4.3 million of barrels for the week ending November 6, the weekly report released by the US Energy Information Administration (EIA) revealed on Thursday. The analysts’ estimate was for a decrease of 0.9 million barrels.
Market reaction
The barrel of West Texas Intermediate WTI, which rose to a daily high of $ 42.16 at the beginning of the session, has moved lower after the publication of this report. At the time of writing, WTI is trading at $ 41.78, still up 0.9% on the day.
Additional Findings from the EIA Weekly Oil Status Report
“Inputs from US crude refineries averaged 13.4 million barrels per day during the week ending November 6, 2020, which was 105,000 barrels per day less than the previous week’s average.”
“US crude imports averaged 5.5 million barrels per day last week, 470,000 barrels per day more than the previous week.”
“Total products supplied during the last four-week period averaged 19.1 million barrels per day, 10.7% less than in the same period last year.”
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Credits: Forex Street
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