U.S. recorded crude inventory rises of 4.3 million barrels for the week ended November 6, according to the Energy Information Administration (EIA) press release. The crude inventory increases defied expectations of a 3 million barrel decline by analysts surveyed by S&P Global Platts.
- Crude stocks at the Cushing, Okla., storage hub declined by 500,000 barrels for the week.
- Gasoline supply fell by 2.3 million barrels, while distillate stockpiles were down 5.4 million barrels.
- The S&P Global Platts survey showed expectations for supply declines of 600,000 barrels for gasoline and 2 million barrels for distillates.
- On Tuesday, the American Petroleum Institute reported a fall of 5.1 million barrels of crude oil.
Crude oil futures are currently gaining. CL! is up 1.52%