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• EIA Reports Big Build in Crude Stocks - Cushing numbers go higher
  Oil futures fall as EIA says crude inventories in the two weeks to Nov. 10 ...

  Oil futures fall as EIA says crude inventories in the two weeks to Nov. 10 rose by 17.5 million barrels, to 439.4 million barrels.

  
  

  EIA says crude stocks were up by 3.6 million barrels last week, adding to a 13.9 million build the previous week which it hadn't reported because of a system upgrade.

  
  

  Crude stocks were 2% below their 5-year average. Gasoline stockpiles fell by 1.5 million barrels and distillate stocks were down by 1.4 million. Refineries processed 15.4 million barrels of crude daily, operating at 86.1% of capacity amid slumping refining margins.

  
  

  The Cushing Hub held 25 million barrels of oil as of November 10, up from the 23.1 million recorded on October 27. Cushing’s total at the end of September was 22.1 million barrels.

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• Closing Oil and Gas Prices for Wednesday
  Benchmark U.S. crude oil for December delivery...
  Benchmark U.S. crude oil for December delivery fell $1.60 to $76.66 per barrel Wednesday. Brent crude for January delivery fell $1.29 to $81.18 per barrel.
  
  Wholesale gasoline for December delivery fell 2 cents to $2.20 a gallon. December heating oil rose 3 cents to $2.87 a gallon. December natural gas rose 8 cents to $3.19 per 1,000 cubic feet.
  
  
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• Stocks end higher, extending rally on another round of subdued inflation data
  Stocks finished higher Wednesday, building on a blockbuster rally...
  Stocks finished higher Wednesday, building on a blockbuster rally the previous session, as investors weighed another round of subdued inflation data. The October producer price index showed a decline in the headline figures, while the core reading, which strips out food and energy, rose 0.1%, down from a 0.3% gain in September. Stocks surged Tuesday, with the S&P 500 posting its largest, one-day percentage gain since Jan. 6 and finishing at a two-month high after a subdued consumer price index reading saw investors largely conclude the Federal Reserve’s rate-hiking cycle has come to an end and price in a series of 2024 rate cuts. The Dow DJIA on Wednesday rose around 164 points, or 0.5%, to close near 34,991, according to preliminary data, while the S&P 500 SPX rose 0.2% and the Nasdaq Composite COMP gained 0.1%.
  
  
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• API Reports Build in Crude Oil Inventories
  Crude oil inventories in the United States rose again this week, adding 1.335 million barrels...
  Crude oil inventories in the United States rose again this week, adding 1.335 million barrels into inventory for the week ending November 10, according to The American Petroleum Institute (API), after an 11.9-million-barrel rise in crude inventories in the week prior, API data showed. Analysts had expected a 1.4 million barrel build.
  
  API data now shows a net build in crude oil inventories in the United States of 11.9 million barrels so far this year.
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• Energy Sector Commentary
  Energy stocks are off to a mixed...

  Energy stocks are off to a mixed start, pressured by weakness in the crude complex, but supported by gains in the major equity futures. U.S. stocks are set to start today’s session higher as investors digest October’s PPI print, which fell by 0.5%, to mark its biggest monthly drop since April 2020.

  
  

  WTI and Brent crude oil futures are in negative territory on signs the United States is at peak production and a stronger dollar, which offset strong economic data from China. In October, China’s manufacturing and retail sales growth beat expectations which eased concerns about waning demand. However, a full post-COVID economic recovery has been limited to weakness in the property sector. Investors will be keeping an eye on today’s DOE Weekly Petroleum Status Report as last night’s API print showed a weekly crude build of 1.8M barrels.

  
  

  Natural gas futures have recovered yesterday’s declines this morning on the forecast for colder temperatures and higher heating demand than previously expected.

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