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EIA Oil Stocks Fall Below Expected

Mohamed Abdelhamid 1 December, 2021 8:41 pm Commodities, Market Update

A weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday that crude oil inventories in the US fell by 0.910 million barrels in the week ending November 26.

This was smaller than the expected draw of 1.273 million barrels. Distillate stocks saw a larger than expected build of 2.16M barrels (forecasts were for a 0.462M barrel build).

Gasoline stocks also saw a larger than expected build of 4.029M barrels (forecasts were for a 0.029M barrel build).

WTI fell slightly in wake of the bearish inventory numbers, with WTI now trading just above $68.00 versus pre-data levels above $68.50.

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