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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.
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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