American Petroleum Institute (API) and Energy Information Administration (EIA) weekly reports

U.S. Crude Oil Inventories Rise by 4.753 Million Barrels, EIA Reports 0.545 Million Barrel Increase

Nov 20, 2024, 03:30 PM

U.S. crude oil inventories saw a significant increase of 4.753 million barrels for the week ending November 8, according to the American Petroleum Institute (API). This was much higher than analysts' expectations of a 0.8 million barrel build. The Energy Information Administration (EIA) later reported a smaller increase of 0.545 million barrels, contrasting with the forecasted decrease of 0.085 million barrels. Gasoline inventories also rose by 2.054 million barrels, while distillate stocks decreased by 0.114 million barrels. Cushing crude oil inventories fell by 0.140 million barrels. Overall, U.S. petroleum inventories, including crude and refined products, increased by 4.448 million barrels last week, with commercial inventories rising by 0.545 million barrels and the Strategic Petroleum Reserve (SPR) increasing by 1.400 million barrels.