Key Insights
- Crude inventories grew by 1.6 million barrels from the previous week.
- Domestic oil production remained unchanged at 13.2 million bpd.
- WTI oil has started to move away from session lows after the release of the EIA report.
On November 29, EIA released Weekly Petroleum Status Report. The report indicated that crude inventories increased by 1.6 million barrels from the previous week. Analysts expected that crude inventories would decline by 0.9 million barrels.
Total motor gasoline inventories grew by 1.8 million barrels, while distillate fuel inventories increased by 5.2 million barrels. Crude oil imports averaged 5.8 million bpd, declining by almost 0.7 million bpd from the previous week.
Domestic oil production remained unchanged at 13.2 million bpd. Current oil prices do not provide sufficient incentives to…
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