Crude oil inventories for the week of November 8, 2019
The weekly crude oil inventories from the DOE. The price of crude oil was trading at $57.61 before the report.
- Crude oil inventories build 2219K vs 1500K estimate
- Gasoline inventories 1861K vs -1250K estimate
- Distillates inventories -2477K vs -950K estimate
- Cushing OK crude inventories-1229K vs 1714 build last week
- US refinery utilization 1.8% versus 1.0% estimate
- crude oil implied demand 18233 versus 17544 last week
- gasoline implied demand 10134.7 versus 10153.3 last week
- distillates implied demand 5628.9 versus 5269.9 last week
- US production is at 12.8M B/D which is a record high
- US crude oil imports 5.75 million barrels per day. That is the lowest since 1996
The price of WTI crude oil is currently trading at $57.23. That is down about $0.38 from the premarket levels.
Within the report it showed that US production is at a record high level it also showed that US crude oil imports or at the lowest level since 1996.
