WTI Crude up On Cushing Inventory Draw, Gasoline Draw

Crude oil inventories in the United States increased by 655,000 barrels in the week ending November 12, private data from the American Petroleum Institute (API) reportedly showed on Tuesday. Reserves in Cushing, Oklahoma, allegedly decreased by 491,000 barrels. Gasoline stockpiles declined by 2.8 million barrels, while distillate inventories grew by 107,000 barrels, according to the reported data. Brent for January 2022 deliveries rose by 0.38% to go for $82.48 per barrel at 4:29 pm ET, while West Texas Intermediate (WTI) for settlements in December was 0.26% lower, selling for $80.71 per barrel a minute later. U.S. crude inventories are now 60 million barrels below where they were at the beginning of the year.

U.S. oil production for the week ending November 5—the last week for which the Energy Information Administration has provided data—stayed the same at 11.5 million bpd, a figure that is only1.6 million bpd below the all-time pre-pandemic high of 13.1 million bpd. The API reported a draw in gasoline inventories of 2.792 million barrels for the week ending November 12—on top of the previous week’s 552,000-barrel draw, as high gasoline prices in the United States continues to draw attention. Distillate stocks saw an increase in inventories of 107,000 barrels for the week, on top of last week’s 573,000-barrel increase. Inventories at the largest U.S. oil hub, Cushing, continued to draw this week. The API estimated the draw at cushing to be 0.491 million barrels.