Oil Storage Report - November 12
Posted: Thu Nov 12, 2015 12:50 pm
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 4.2 million barrels in the week ended November 6.
Market analysts' expected a crude-stock rise of 1.0 million barrels, while the American Petroleum Institute late Tuesday reported an increase of 6.3 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 2.3 million barrels last week, following a decline of 212,000 barrels in the preceding week.
Total U.S. crude oil inventories stood at 487.0 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years. [Total U.S. crude oil storage capacity is approximately 640 million barrels.]
The report also showed that gasoline inventories decreased by 2.1 million barrels, compared to expectations for a decline of 0.9 million barrels, while distillate stockpiles rose by 0.4 million barrels. [We are in the period of the year when refiners switch from producing gasoline to producing more heating oil.]
Market analysts' expected a crude-stock rise of 1.0 million barrels, while the American Petroleum Institute late Tuesday reported an increase of 6.3 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 2.3 million barrels last week, following a decline of 212,000 barrels in the preceding week.
Total U.S. crude oil inventories stood at 487.0 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years. [Total U.S. crude oil storage capacity is approximately 640 million barrels.]
The report also showed that gasoline inventories decreased by 2.1 million barrels, compared to expectations for a decline of 0.9 million barrels, while distillate stockpiles rose by 0.4 million barrels. [We are in the period of the year when refiners switch from producing gasoline to producing more heating oil.]