Key facts
- Crude stocks rose 4.7 million barrels to 414.4 million barrels, 4% below the five-year average, the EIA said.
- Gasoline inventories rose 1.8 million barrels after a 200,000-barrel draw the prior week, the EIA said.
- Distillate inventories rose 4.1 million barrels and stand 8% below the five-year average, the EIA said.
- Total products supplied averaged 20.8 million barrels per day over four weeks, up 0.9% from a year earlier, the EIA said.
- The API had reported a 9.0 million-barrel crude build for the period a day before the EIA release.
US commercial crude inventories rose 4.7 million barrels to 414.4 million barrels in the week ending November 6, the US Energy Information Administration said on November 12. The level is 4% below the five-year average for the time of year, according to the government data.
Total commercial petroleum inventories increased by 11.4 million barrels in the reporting period. Motor gasoline stocks rose 1.8 million barrels, reversing a 200,000-barrel draw the week before, and average daily gasoline production fell to 9.6 million barrels. Middle distillate inventories grew 4.1 million barrels, with production down to an average of 5.1 million barrels a day, and stand 8% below the five-year average.
Total products supplied, a proxy for US oil demand, averaged 20.8 million barrels per day over four weeks, up 0.9% from the same period a year earlier. Gasoline demand averaged 8.7 million barrels per day over four weeks, and the distillate four-week average was 3.9 million barrels, up 4.2% year on year.
The EIA release followed American Petroleum Institute figures published a day earlier that showed a 9.0 million-barrel crude build for the period. Crude futures were trading higher at 10:36 a.m. in New York, with Brent at $93.29 a barrel, up $0.53 (0.57%) on the day and down roughly $7.50 from the prior Wednesday. WTI was trading down $0.22 (0.25%) at $86.31, also down nearly $7.50 since the prior Wednesday.