US crude oil inventories increase 0.5 percent for week ending November 1
Date
11/12/2024 3:37:22 AM
(MENAFN) Based on data published by the energy Information Administration (EIA) late Wednesday, US commercial crude oil inventories rose by 0.5 percent throughout the week ending November 1.
Inventories increased by about 2.1 million barrels to 427.7 million barrels, against the market expectation of 300,000 barrels growth.
Strategic petroleum reserves, that are excepted from commercial crude stocks, rose by around 1.4 million barrels to 387.2 million barrels in the previous week, the data showed.
Throughout the exact same time, gasoline inventories rose by approximately 400,000 barrels to 211.3 million barrels.
EIA data revealed that US crude oil manufacturing dropped by 7,000 barrels a day (bpd) to around 13.92 million bpd throughout the week ending November 1.
US crude oil imports increased by 265,000 bpd to around 6.24 million bpd whereas shipments dropped by 1.41 million bpd to about 2.85 million bpd during the exact same period.
In the Short-Term Energy Outlook (STEO) published on October 9, the EIA expected that crude oil output in the nation would arrive at an average of 13.22 million bpd in the current year.
In the upcoming year, crude oil output in the nation is predicted to arrive at 13.54 million bpd.
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