The American Petroleum Institute (API) has reported a huge surprise crude oil inventory build of 4.7 million barrels for the week ending December 11. Last week saw a build in crude oil inventories of 1.41 million barrels, according to API data. The EIA’s estimates reported a slightley smaller build of 800,000 barrels for that week. After today’s reported inventory move, the net inventory moves so far this year—almost the end of the year–stand at a build of 3.22 million barrels for the last 51-weeks, using API data. The API this week also reported a huge build of 5.6 million barrels of gasoline for week ending December 11.
Distillate inventories saw a large build of 3.7 million barrels for the week, while Cushing inventories fell by 300,000 barrels.
US crude oil production as estimated by the Energy Information Administration showed that production for the week ending December 6 slipped to 12.8 million bpd off the all-time high of 12.9 million bpd in the week prior. Nick Note : I smell another trade coming here…. Can you guess what it is?