U.S. crude inventories rise unexpectedly, fuel draws down - EIA

By David Gaffen (Reuters) - U.S. crude oil inventories rose unexpectedly last week while gasoline and distillate stockpiles fell, the Energy Information Administration said on Thursday

Reuters November 13, 2020 00:08:09 IST
U.S. crude inventories rise unexpectedly, fuel draws down - EIA

US crude inventories rise unexpectedly fuel draws down  EIA

By David Gaffen

(Reuters) - U.S. crude oil inventories rose unexpectedly last week while gasoline and distillate stockpiles fell, the Energy Information Administration said on Thursday.

Crude inventories rose by 4.3 million barrels in the week ended Nov. 6 to 488.7 million barrels, the EIA said, compared with analyst expectations in a Reuters poll for a decrease of 913,000 barrels.

"The headline crude number was a shock because most people were looking for a draw. It was especially a bigger shock after the API report showed the exact opposite," said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Tuesday's industry figures from the American Petroleum Institute showed a crude stock decline of 5.1 million barrels.

The news caused oil prices to pull back from the day's gains, though benchmark crude was still higher. U.S. crude was up 0.9% at $41.81 a barrel as of 11:38 a.m. ET (1638 GMT), while Brent rose 0.6% to $44.05 a barrel.

Refinery crude runs fell by 105,000 barrels per day, data showed.

Fuel demand rebounded in the most recent week, with total product supplied rising to 20.2 million bpd. Those figures are volatile, however, and due to the coronavirus pandemic, U.S. fuel demand as measured by refinery product supplied is still down 12.6% in 2020, compared with last year.

Gasoline stocks fell by 2.3 million barrels, far exceeding analysts' expectations for a 263,000-barrel decline.

Distillate fuels stockpiles, which include diesel and heating oil, fell by 5.4 million barrels, compared with expectations for a 1.9 million-barrel drop.

U.S. crude imports fell last week by 30,000 bpd to 2.7 million bpd.

(Reporting by New York Energy Desk; Editing by Marguerita Choy)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.