The increase in crude oil inventories was partly due to the release of 3.6 million barrels from the Energy Department’s Strategic Petroleum Reserve in the week ended Nov. 4, leaving the SPR at 396.2 million barrels. Last week, the API reported a major surprise in crude oil inventories of 6.53 million barrels. WTI prices fell on Tuesday. At 1:45 p.m. EST, WTI was trading down $1.67 (-1.82%) on the day at $90.12 a barrel. This is an increase of $2 per barrel from last week. Brent crude traded down $1.40 (-1.43%) on the day at $96.52 – up $2 a barrel on the week. U.S. crude oil production continues to fall below 12.1 million bpd. For the week ended Oct. 28, U.S. crude oil output fell 100,000 bpd to 11.9 million bpd, according to the latest weekly EIA data, up just 200,000 bpd from levels seen at the start of the year and still it is a shortfall of 1.2 million bpd from levels seen at the start of the pandemic. The API reported a rise in gasoline inventories this week of 2.553 million barrels for the week ended Nov. 4, compared with a draw of 2.64 million barrels the previous week. Spirits inventories rose this week by 1.773 million barrels, compared with an increase of 865,000 barrels last week. Cushing inventories fell by 1.848 million barrels in the week to November 4. Last week, the API showed an increase in Cushing by 883,000 barrels. By Julianne Geiger for Oilprice.com More top reads from Oilprice.com:
