US crude oil inventories have increased.
The American Petroleum Institute (API) estimates that US crude oil inventories rose by 9.0 million barrels in the week ended November 6. During the previous week, US crude oil inventories fell by 5.267 million barrels.
During the week ended November 6, 2.7 million barrels of crude oil were withdrawn from the Special Petroleum Reserve (SPR) to replenish commercial inventories, bringing total SPR inventories down to 279.5 million barrels, 434 million barrels below maximum capacity. The acceptable operating minimum for oil production in an oil and gas reef is 250 to 300 million barrels.
Oil production in the US for the week ended October 30 reached a new high, rising to 14.003 million barrels per day, up from 13.992 million barrels per day the previous week and up 352,000 barrels per day from the same period last year.
The gasoline stock increased by only 4 thousand barrels. During the previous week, gasoline stocks increased by 1.427 million barrels.
Distillates inventories increased by 1.5 million barrels from the 270,000 barrels lost the previous week.