Petroleum Institute reports US oil inventories decline by 770,000 barrels
Date
11/14/2024 2:08:46 AM
(MENAFN) According to data from the petroleum Institute, US oil inventories experienced a decline of 770,000 barrels last week. This drop was notably significant at the Cushing delivery center, the largest storage hub in the United States, where inventories fell by 1.9 million barrels. This reduction in stockpiles could indicate tightening supply in the market, which may have broader implications for oil prices.
The American Institute further detailed that gasoline inventories saw a rise of 312,000 barrels during the week ending November 8. In contrast, distillate stocks, which include diesel and heating oil, increased by approximately 1.14 million barrels. These shifts suggest that while gasoline supplies have tightened slightly, the overall distillate market is experiencing a buildup, potentially reflecting seasonal demand or other factors.
On Wednesday, at the settlement of trading, Brent crude futures for January 2025 delivery saw an increase of 0.55 percent, or 39 cents, reaching USD72.28 per barrel. This upward movement in Brent prices highlights a market response to supply adjustments and broader economic conditions that are currently influencing oil prices globally.
Similarly, US Nymex crude futures for December delivery also posted gains, rising by 0.45 percent, or 31 cents, to settle at USD68.43 per barrel. These price increases reflect the ongoing fluctuations in the global oil market, influenced by supply data and the broader economic outlook.
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