U.S. oil inventories decline, products build up: EIA
In the week through November 25, commercial inventories of crude in the United States were reduced by 884,000 barrels to 488.1 million barrels, the Energy Information Administration said on Wednesday. Data from the regular report also showed total motor gasoline in stock rose by 2.1 million barrels, parallel to an even greater jump in distillates – by five million barrels. The buildup in reserves of products compares to findings of the American Petroleum Institute of a fall in the oil segment of 700,000 barrels, with 3.4 and 2.2 million barrels more gasoline and distillates, respectively, on the week.
Refineries reduced capacity by one percentage point from the previous seven-day period, to 89.8%. Average distillate fuel imports advanced from 136,000 to 174,000 barrels per day. Last week total oil inventories fell by 1.3 million barrels. Average imports of crude and refinery inputs both inched 0.1 million barrels down per day, to 7.5 million and 16.3 million barrels, respectively, EIA said.
Futures held onto most of the massive daily gains. WTI oil for delivery in January was 7.36% higher at $48.56 per barrel and Brent added 7.93% to change hands for $50.06 for one barrel at ICE Futures Europe (both 4:38 p.m. CET). The dollar index was 0.48% up in the session at 4:50 p.m. CET.